September 29, 2008
House Defeats $700 Billion Bailout Bill, Dow's Drops 777 Points
While we convert our money into gold, porn, and cocaine, check out how local California house members voted on the bailout, which was defeated (29 in favor, 24 opposed) today. In favor: Nancy Pelosi (San Francisco), Jerry McNerney (Pleasanton), Jackie Speier (Hillsborough), Anna Eshoo (Menlo Park), Mike Honda (San Jose), and Zoe Lofgren (San Jose). Opposed: Barbara Lee (Oakland) and Pete Stark (Fremont). The bailout, ideally, would have rescued for the nation's dying financial industry. Oh, and be sure to read about the biggest point drop ever, which happened today, here.
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Sorry to link to Gawker, but "Big Gay Barney Frank" was in outstanding form today:
http://gawker.com/5056526/big-gay-barney-frank-apologizes-for-offending-republicans?autoplay=true
"In volatile market, only stable investment is ... PORN!"
- Trekkie Monster from Avenue Q.
Here's a nice image for your story:
http://tenpercent.files.wordpress.com/2008/09/6a00d8341bf82953ef010534d60091970c-500wi.jpg
And by "rescue the financial industry" you mean of course "piss yet more money up the wall."
It's nice to see that ignorance and shortsightedness are not the purview of any single party or ideology. The failure of the bailout hurts everyone who has a retirement account or who will want a substantial loan in the next few years. It may feel good to "punish the fat cats", but it hurts the main street investor even more. This is the classic example of cutting off your nose to spite your face. Just as the desire for "moral values" can lead to destructive policies by the right, the desire for "class warfare" can be self-destructive for the left. Hopefully Representative Lee's righteous indignation is worth the substantial value lost in the investments owned by "fat cats" such as the Oakland Children's Hospital Foundation or the Alameda County Retirement Fund.
I love how the GOP is always braying about "cut spending, cut spending." They want to fund this $700 bailout? Let em cut spending by pulling out of Iraq and using that money to bail out wall street. We're flushing billions down the toilet there every month, and I for one am getting sick of it.
Fuck them and their "cut spending. Oops,we meant only on poor people" bullshit.
Due to how impossible it's going to be to get rid of Pelosi I really wish she wouldn't keep doing (or failing to do) things to make it necessary to kick her out.