GOP Tries to Blame Bailout Failure on ‘Partisan’ Pelosi Speech

Here’s part of what Pelosi said:

“Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership that has left us left capable of meeting the challenges of the future. We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a New Direction to a better future.”

Here’s her whole speech. Think Progress notes that “Pelosi’s speech mentions the word ‘Republican’ once — in the context of praising them for bipartisanship: ‘Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush Administration.'”

Here are the Republicans laying blame:

(via talking points memo)

Comments

  1. j says

    Who cares about the parties on this? Who cares about the speech? This was a miscalculation by Pelosi. She needed to get the deal done! Speech or whatever, she’s the Speaker of the House. YOU DON’T ALLOW A VOTE UNLESS YOU’VE GOT A MAJORITY! That’s her job! I hope she goes down for this debacle!

  2. Gary says

    The GOP are trying to act like their hands are clean.

    Just watch-they will somehow attempt to delay further debates and ultimately delay the election.

    They need to grow a pair and work together with the Dems, not whine over a speech and blame others.

  3. says

    The failure of the bailout bill is really a failure of leadership on the part of John McCain.

    When he claimed to have “suspended” his campaign to return DC to find a solution to the economic problem, he pledged to provide leadership.

    He failed.

  4. says

    Why would any Democrat support this $700 billion bail out bill which is a Bush plan and provides yet even more $$$$$ to the crooks on Wall Street? If Bush got us into this mess then why should we support his plan to get us out of it?

    I salute both those Democratic and Republican House members who voted against it. The Democrats should view the failure of this Bush proposal to be a gift, and presuming that Barack Obama wins in November, the Democrats then will have free rein to implement whatever solution they think is best to get us out of the mess.

  5. eric says

    Who are these 12 people who voted against it??? We need to know…this is ridiculous. Once again Republicans are the reason why this country is going down.

    They all fear that they will not be re-elected…it is all about them …not the country …

    Republicans are always talking about being “patriotic” ..this move wasn’t patriotic…leaders have to take politics aside and get the job done!!

    I guess all the hard “WORK” MCcain did in Washington (over the phone) didn’t pay off.

    The whole thing is a JOKE

  6. says

    You guys are forgetting that this bailout proposal is orchestrated by the same Bush administration that orchestrated the Iraq war? The Democrats should trust this $700 bailout for Wall Street crooks no more than they should have trusted the Bush scare tactics that pulled us into Iraq. The Democrats control the Congress, and should develop their own plan and not sign onto the Bush plan. Good for those Democrats and Republicans who voted this cash cow for Wall Street down!

  7. says

    HOGB, you idiot. The bailout proposal is not designed by Bush. It is designed by Paulsen and Bernanke, both of whom are respected experts in the field. Not to mention the urgent call to get something done by Warren Buffet, almost inarguably the greatest financial mind of our (if not all) time. The stock Market took the biggest single day dive EVER following the announcement. We’re no longer talking about wall street bigshots, we’re talking about the complete ruin of your and my retirement packages. We’re talking about the people who are going to be laid off because their companies can no longer afford to keep them employed.

  8. says

    @Dan B — you mean the same Paulsen who is the Sec’y of the Treasury appointed by Bush? If it was Paulsen’s economic expertise which got us into this mess, then why should we trust him for the solution to the mess he created? By the way: Bernanke had nothing to do with the design of this bailout proposal. I recommend you read Michael Moore’s piece before you continue cheerleading for this Bush administration proposal.

  9. Jimmyboyo says

    Mcshame failed

    “here I come to save the day” last week

    This morning pre vote

    “I saved the day!!!!!!”

    The vote came = mcshame is a fool and so are you J, HOGB, and any repub

  10. Brian says

    Today’s stock market crash totaled $1.1 trillion, more than the $700 billion bailout. So the people with retirement plans in the market are the ones currenly getting the shaft. The conservative Republicans walked away from a deal brokered by their own President and their congressional leadership. We need an intelligent president with a thoughtful demeanor. Obama 08

  11. Brian says

    The economy is like a boat. No one likes the fact that it is leaking, but it MUST be repaired or we all sink. Imagine a world where you could no longer use your credit card, everything is strictly cash. That’s what can happen if this is not fixed. While the Democrats held their noses in an attempt to fix the leak, the conservative Republicans were busy drilling a new hole.

  12. says

    WARNING — Mike’s link should probably be deleted — it leads to a site that attempts to download some .exe file, probably a windows virus (I’m on a mac).

    And looking at the language, it looks like badly translated Russian to me.

  13. Jimmyboyo says

    LV

    Add in this from GOP strategist Ed Rollins

    “To a certain extent, I think John gets hurt by this,” said Ed Rollins, a CNN contributor who worked on former Gov. Mike Huckabee’s primary campaign earlier this cycle. “He obviously, at the end of the day, said he was for it. But more important than that, he said he was the one who would bring them to the table and to a certain extent he will be viewed now as not being able to do that.”

  14. Jimmyboyo says

    More repubs

    Pat Buchanan (arch conservative and MSNBC commentator) “”This is disastrous for the Republicans,”

    Joe Scarborough (former FL repub congress critter, now MSNBC news caster/ host)= Blames mccain

  15. BC says

    Good point Jason. Again back to name calling and finger pointing. THAT is why the deal did not pass. And consider this, everyone is blaming Bush and the Republicans….um, who has controlled the wallet of the country over the past 2 years…the Do Nothing Democrats who have a LOWER approval rating than Bush. So, as I am not a fan of Bush at all, there is enough blame to go around for everyone involved. There are no saviors here – Rs and Ds completely screwed this up.

  16. stagelefty says

    Barney’s halfway there – instead of talking nice, he could actually give a BJ to those offended GOP’ers, save the bill, AND get hidden-cam videos to use against them in local elections!

  17. scott1607 says

    A not surprising strategic blunder by Pelosi — she couldn’t save her speech until after she got the votes? Between her and the equally ineffectual Reid, the Democrats fuck it up again. Yes, the Republicans killed it but Democrats always manage to end up looking like the losers and perception is reality in politics.

  18. anon says

    The market will probably come back reasonably soon, and right now it’s basically a paper loss. When honest partisans like Kucinich and Moore are against something like this, while everyone else talks like a used car salesman, then you might want to pause and reflect. Does Pelosi honestly think this is win-win for her and the Democrats in congress?

  19. Las Vegas says

    There was a tremendous opposition to this bail out coming from the public. At one point Harry reid was on tv and saying he knew this was an unpopular thing they were doing but too bad…they were going to do it any way. Here in NV they played that on the radio and he was flooded with emails and calls.

    You can also add the pressure from conservative radio being put on pointing out in this bill there were SEVERAL issues that people were not going to be happy with such as money filtered to community organizations like ACORN and also mentiong foreign banks (directly or indirectly) were going to be bailed out as well.

    While there is a lot of anger directed at Wall Street there is ALOT of anger directed at these people who went out and got loans by lying and misrepresenting themselves as buyers.

    Believe me I understand the attractiveness of wanting your own home. I was there four years ago getting approved for a mortgage for my first home. I drove the loan officer nuts asking all kinds of questions and wanting to see numbers and the “what ifs”. Bottom line was that I backed away because the numbers that came up in the situation were are now in scared the hell out of me. Do I lvee to rent? No, but I recognize that I could wait put more money away and get rid of some more debt and get a better mortgae down the road.

    So the greedy bankers and the greedy fat cats you all rail against should be group with greedy home owners. frankly I don’t buy the bullshit about being “duped” but I buy the answer that people didn’t ask the questions that should be asked with any major purchase…so if they lose their house then they go back renting like everyone else that decided not to take this type of loan.

    The claim that all these people will be in the street is ridiculous. I think they worry more about being uncomfortable or that junior may have to share a room with his brother. Too bad take responsibility for your screw up and start over. I frankly don’t want to pay for it because I’m saving for my house that I can afford.

  20. CJ says

    Las Vegas, are you kidding me? You’re BLAMING the people who were given loans and mortgages they were not qualified to receive for this crisis? Honestly, that has to be the most ridiculous statement and conclusion I have ever read. It is the duty of the loan officers and such to fully inform every individual of the fine print and consequences associated with said loan. Using your logic, I am at fault if my Doctor doesn’t inform me of everything associated with a surgery or treatment I am undergoing. They gave out loans they shouldn’t have, and as those parties responsible are the experts, it is their duty and responsibility to fully inform their customers, which they did not. So you claim you knew more and thus asked more questions, good for you. Most people are not as informed as you and put their faith and trust with the experts that give out their loans and mortgages. It amazes me that you find a way to always blame and demean someone no matter what the situation.

  21. Las Vegas says

    I am not BLAMING them for the entire problem but the fact of the matter is that people need to take responsibility for their actions and not expect the Federal Government to bail them out every time.

    However, Nancy and the Democrats keep wanting put things in these bills to help the home owners like the absolutely insane idea of freezing interest rates. I am all for helping people when they are hungry or living on the street but I draw the line at making sure they can stay in the 3 bedroom/2bath home they can’t afford..

    Stupidity and ignorance is not a good enough defense in the courts or for me…I’m sorry if that sounds harsh to the bleeding hearts on here but I’m tired of the government reaching it’s hands in my pants and robbing me blind….funny according to what is now coming over the news wires I’m not the only one who feels this way.

  22. nic says

    LAS VEGAS,

    you don’t sound harsh at all: you’re too busy trying to make yourself sound wise but only succeed in making yourself sound completely ignorant.

    you are not fooling anyone with your phony life experience. your simplistic (if not simpleminded) assessment of this republican fiasco is of a piece with all your other comments.

    perhaps if you quit getting your talking points from hate radio, you might be taken seriously.

  23. Las Vegas says

    Nic,

    When faced with something that sounds rational you become like a deer in the head lights and unsure which way to move. So you will do what comes natural and blame the Republicans and/or the President. The truth of the matter is this mess is traceable to BOTH parties. That’s what really scaring the hell out of these politicians.

    I have even heard economists interviewed in the media trace the roots of this back to Clinton. If you want to sit there and stew about the “Waskally Repubwicans” then be my guest. I’m surprised you didn’t call me a bigot or elitist because I suggested that perhaps not everyone deserves a house to live in. That’s a common knee jerk reaction as well.

    Life is choices and the choices you make afffect your life and possibly the lives of others as well. What’s being requested here is that you make a bad decision and get a “do over” or even a “doesn’t count” and I don’t subscribe to that philosophy.

    As for “phony” life experience? You don’t know me and you certainly don’t know anything about my story…so if you want to make assumption and claims about me…go ahead. Then you’re no better than the people out there you claim to be against making assumptions about you and your “lifestyle”.

  24. CJ says

    Oh Las Vegas, shut up already. No one really cares what you have to state, and no one understands why you keep coming back here to insult people. Perhaps in reality you’re just a sad little man, living vicariously through the internet as someone you would LIKE to be but in essence is far from the real you. Good luck with that.

    Namaste.

  25. Bill Perdue says

    The bailout is a crock of shit, an admission of the utter failure of the corporate rich and the politicians who service them to manage the economy. And it’s older than you might think.

    Speaking about a similar bill before the Illinois Legislature in 1837 Lincoln said; “It is an old maxim and a very sound one, that he that dances should always pay the fiddler. Now, sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people’s money being used to pay the fiddler…all this to settle a question in which the people have no interest, and about which they care nothing. These capitalists generally act harmoniously, and in concert, to fleece the people, and now, that they have got into a quarrel with themselves, we are called upon to appropriate the people’s money to settle the quarrel.” Abraham Lincoln, January 11, 1837 *

    The sum of $700 billion, which Bush’s Treasury Secretary Paulson pulled out of thin air trying to come up with a figure that would satisfy the greed of the corporate rich represents roughly 5% of our GDP. I say “our GDP” because as Lincoln also said: Labor is prior to and independent of capital. Capital is only the fruit of labor and could never have existed if labor had not first existed. Labor is the superior of capital…” Excerpt of Lincoln’s Speech on Free Labor vs. Slave Labor by Abraham Lincoln on September 30th, 1859. *

    That $700 billion, and the trillions involved in Fannie Mae, AIG and Freddie Mac, and the trillions spent on the genocide in the Middle East, and even piddling sums like the $25 billion Congress just voted to bailout GM, Ford and Chrysler are gifts to the rich. That money could pay for socialized medicine for decades, for scholarships for everyone, for decent housing and to fix all those levees and bridges.

    But that won’t happen; these enormous sums are going to be the straw that broke the camels back. Even with imposed austerity and an end to social programs the weight of that debt will bring down the economy. The dominoes are all lined up. No one’s quite sure when they’ll fall but fall they will.

    That’s why there’s such fear in DC of passing the bailout and the other programs. They’re damned if they do and damned if they don’t, and so are we. Neither the Congress nor the Treasury actually has $700 billion sitting around burning a hole in their collective pocket. They’re counting on us to pay for it.

    A better way to handle the financial crisis is to nationalize, without compensation, banks, insurance companies, mortgage companies and any financial or commercial institution that’s so badly mismanaged by the corporate rich that it can’t pay its debts. And of course we’d have to create democratically elected bodies of small farmers, working people and consumers to control those entities.

    The Democrats, like the Republicans are not extinct. They’re just too dumb to notice, and nic never will.

  26. BC says

    The problem is no one will take real responsibility. Las Vegas is right, there are SEVERAL people who knew they could not afford a home and went along with loan officers “suggestions” to pad their income on the application. I have friends who just did this last year. I will not feel bad if they foreclose – they made the decision, it was a stupid decision. The bottom line here is, respoonsibility lies all over the place. Republicans, Democrats, Wall Street, and people who think they deserve things they cannot afford. Funny thing with problem solving is – once people stop blaming others and take personal responsibility, the problem can be explored and solved. You all act like you know what everyone in Congress is thinking and you don’t. It is a fact that people flooded congressional offices with e-mails and phone calls from THE PEOPLE – us – the people in that “We The People…” statement. Congress members are employed by us – they are to do what we tell them to do. If not, they get voted out. And again, as shared yesterday – the democrats had the votes if every D voted for it. I see no one is calling the Democrats who voted No any names at all. It was their right to vote No, just like it was any Republicans right to vote No.

  27. nic says

    @LAS VEGAS,

    “dear in the head lights…”, really? how original. that simile became threadbare after many apt applications to your president, the shrub. as i have said before, pat phrases are only useful to lazy minds.

    as to your story, i don’t know it; you are right. but i do know your hi”story” on this site. a quick search reveals your proclivity toward parroting right-wing talking points, another lazy habit of yours.

    you love to use phrases like “i have even heard economists … trace …”. really, which economists? and where exactly did you hear them? yet another slothful artifice to absolve you from any burden of proof, or at least, support.

    so, i’m sure you’ll understand when i take your house-buying story with a ton of salt. at best, it is anecdotal evidence, and as such, worthless. particularly since as you say, i don’t know you.

    the problem with always pulling stuff out of your ass, as is your wont, is that much sooner than later, nobody believes or respects anything you say.

    @BILL PERDUE,

    most dems support this bailout with utter distaste. but after 8 years of childish profligacy, someone has to be the adult. yesterday, everyone who has money invested, including people with pensions and 401Ks, lost 7+% of their worth. the hemorrhaging has to stop. we can discuss your bolshevism another time.

  28. sugarrhill says

    Actually, Republicans are getting the blunt of the blame for the bill’s failure. Pelosi played this perfectly. She continued to stress that this was a bipartisan effort. She only critiqued the Bush Administration and she praised the House Republicans for the help drafting the bill. The idea that some decided to vote it down because of what she said about Bush, specifically, is juvenile. And the voters see ti the same way. The Republicans are not handling this crisis at all.

  29. nic says

    SUGARHILL,

    of course, you are correct. pelosi delivered 140 yes votes as was agreed to by the majority and minority leadership of both houses. the repugs could only muster 65. this, despite the fact that the bailout was backed by bush, the repug congressional leadership, and their own prez nominee.
    the idea that the democrats should have fallen on their swords to rescue the repug party by passing this bill on their own is absurd.

    the repug party is in disarray. may the modern incarnation of the keystone kops continue to embarrass themselves. it can only bode well for the dems.

  30. Bill Perdue says

    Nic, you’re awfully arrogant (as usual) for some one who supports an extinct party. Face it, the bigger Obama wins the harder he’ll fall politically, and in this case it’ll be a rare combination of what happened to Hoover and what happened to Nixon.

    We’re all looking forward to it because you and your party are the willing accomplices of the Republicans in the destruction of our standard of living.

    Here’s the truth. Jimmy Carter pushed for the deregulation of S&Ls in Congress. He and his Republican/Democratic team in Congress created the crisis in the 1980’s that cost us $1.4 trillion to fix.

    Clinton and his Treasury Secretary Robert Rubin, now one of Obama’s key economic advisors, were far more successful at deregulation than Reagan or the Bushes because of the prevalent cluelessness and spinelessness of Democrats in Congress. Clinton got NAFTA passed so that employers could export hundreds of thousands of good paying union jobs overseas. NAFTA, speedup and Reagan’s attack on the Air Traffic Controllers were just some of the ways the twin ganged up on us and busted our unions.

    The truth, however uncomfortable, is that the greedy dim bulbs on Wall Street who’ve wrecked the economy back Obama much more than McCain because Obama’s a Clinton clone and he’ll service them just like Bill did and just like Hillary, who sat on the Board of Directors of Wal-Mart, wanted to. She can thank her lucky stars she lost.

    Just like Biden did as the rammed through changes in the bankruptcy laws that allowed credit card companies to get mean in 2005, just as the economy began to slip. Just like John Edwards’s who worked for and invested his fortune in a predatory mortgage company that foreclosed on Katrina victim. What a pair of scumbags; they’re typical of Congress on both sides of the aisle.

    In a crisis it’s nice to know who you can count on. We can count on Obama, Biden, Frank, Reid to continue deregulating, bailing out and busting unions, as well as trashing the LGBT agenda. They’re criminal accessories of the Republicans.

    For the last thirty or more years, under Democrats and Republicans our standard of living has been under attack. So far this class war has been all one sided, but if the worst happens and the economy reverts to its normal condition of depression that’s doing to change. We have no choice – we have to fight back, but we can’t if we mired in the mud with Obama or McCain.

    Given what’s happening your absurd hero worship of the Clintons and Obama is so futile it’s bizarre.

  31. nic says

    @bill perdue,

    is it possible that you may be able to tone down the superlatives? i do not have a hero-worship of anyone. i agree with you on many things, but i believe in pragmatism. i am not willing to sacrifice my mother’s retirement nor my nieces’ and nephews’ inheritance on a pipe dream. on the contrary, i find your absolutist approach annoying. “extinct” means non-existent, and as far as i can tell the dems are alive and well. and, although, there is a malaise among the repugs, they will be back.

    before you call my way of thinking bizarre, consider your own.

Leave A Reply