Bailout Blues

With a large display of closet partisanship, the House defeated the proposed $700 billion bailout of Wall Street. An effort advertised as nonpartisn by leaders from both parties became another political debacle. While it's true that fiscal conservatives detest the thought of bailing out free market businesses that fail from poor decision making by management, what alternatives remain? Personally, I'm not fond of increasing our national debt to bailout Wall Street but I also don't relish the prospect of facing a several year economic depression.

Surprisingly, the House democrats worked well in drafting the bill originally proposed by George Bush's staff, most notably Henry Paulson, and apparently acted in true nonpartisian fashion. Senator John McCain jumped onboard, realizing the need for a quick solution, and made numerous phone calls to the fiscally conservative republican House members, but to no avail. Apparently, he holds less influence over fellow republicans than he had assumed.

Barack Obama, somewhat oblivious to the disaster happening in Washington, campaigned yesterday in Colorado. Although slightly ambiguous, Obama supported the plan but displayed little effort in attempting to rally fellow democrats.


Before the vote was taken on the House floor, Nancy Pelosi made an embittered, ridiculously partisan speech aimed at attacking the failed Bush economic policies. Where was the House leadership when so desperately needed? Rather than rally all House members together to approve an unpopular but necessay measure, Pelosi chose the opportunity to deepen the chasm between both parties.

One must wonder whether Nancy Pelosi and Barack Obama, along with other democrats in both the House and Senate, sabotaged this bill before it even had a chance. How much more effective would Obama appear to the American public if he is able to capitalize on the failed economic policies of the Bush regime?

As Americans, we're faced with a financial crisis like no other with a dire need to be addressed. Partisanship serves no place in attempting to find a solution to a problem with such severe potential consequences. House republicans, if you don't like the bill proposed on the floor yesterday, give us a plan that will work or a formula for avoiding disaster. Members of all parties, in both the House and Senate, need to throw partisanship to the wind and address this problem immediately. There's no time for political grandstanding, celebrating Rosh Hashanah, or taking fall recess. The nation faces a giant problem so grab a cup of coffee, roll up your sleeves and get to work! That's what we do here on Main Street!