On the Failure of the Financial Rescue Plan

By September 29, 2008Economy

Random observations.

Larry Kudlow is grim.

Democrats say they’ll try to put together another plan.

C-SPAN has video of Speaker Pelosi’s speech, the partisanship of which Republican leaders are blaming for poisoning the atmosphere. Really? That much more partisan than usual? (Watching again, it does get more aggressive toward the end, promising vigorous oversight hearings by Henry Waxman.)

AP has the rollcall vote, 205-228 nos. The House website has crashed again. 

This reminds us more and more of the Panic of 1893. Fannie and Freddie are the railroads.

UPDATE:  (4:45 p.m.): Statement from Assistant Secretary Michele Davis on Emergency Economic Stabilization Act Vote:

Washington, DC– Treasury Assistant Secretary for Public Affairs and Director of Policy Planning Michele Davis issued the following statement on the Emergency Economic Stabilization Act of 2008 vote:

“The Secretary will be consulting with the President, the Chairman of the Federal Reserve, and Congressional leaders on next steps. In the meantime, we stand ready to work with fellow regulators and use all the tools at our disposal, as we have over the last several months, to protect our financial markets and our economy.”

UPDATE: (4:57 p.m.): Sen. John Kyl (R-AZ) on Fox News says let’s stop pointing fingers, give credit to both sides, and cool it, then we can get it done. Read Rep. Barney Frank’s sharp comments, Kyl refrained from responding in kind.

UPDATE: (5:15 p.m.): Strong criticism of Pelosi at Volokh.com, the legal blog. The argument: Why not eschew partisanship and instead plea for passage of the legislation, if it’s such a crisis emergency?


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