The bailout sank like the Titanic
, by a vote of 228 to 205.Two-thirds of Republicans voted against the bill
. But the one-third of Republicans who voted in favor were outnumbered by those members of the majority party who voted against.
Why would these people vote against this bill during an election year? Maybe they're morally indignant against rewarding the financially incompetent. Maybe they know their constituents are by and large already sick and tired of the Federalies bailing out incompetent financial institutions. People hate subsidizing failure, just as a dad feels apprehensive about buying his kid another car after he totals the first one.
No plan should be put into action untiul we have rock-solid assurances that the reckless activities that sank these financial institutions will come to an abrupt end.
Labels: Economics, Politics