Today, I am horribly embarrassed to be a Republican. The stubborn refusal of House Republicans to pass the Rescue Bill was extraordinarily wrong-headed. I understand sticking to the "conservative principles", but there are times when the urgency of the situation requires action that may run counter to one's instincts and/or convictions. This was one of those times.
Do these GOP legislators -- most attorneys by trade, I suspect -- truly believe that they know more about the financial system than Hank Paulson or Ben Bernanke (to say nothing of Warren Buffet and the other "experts" consulted on this)??? If these financial minds are telling you that this must be done, one should put aside partisan concerns, constituent complaints and simply do what is right for the country -- reelection be damned. I can assure them that their constituents will be a hell of a lot more angry tomorrow when their 401(k) has been devastated or when they can't get a loan of any kind. This is such a huge mistake. Think of the Democrats who likely acted counter to their beliefs after 9/11 for the greater good. This is the closest thing we've had to a financial 9/11, and the GOP has failed the country.
Republicans can kiss whatever fleeting hopes remained of maintaining the White House goodbye, (not to mention both Houses of Congress), and I am sad to say that it's deserved.
Update (4:15pm): Republicans are pointing to the speech that House Speaker Nancy Pelosi gave on the House Floor prior to the vote as part of the reason the bill failed to pass. I will let you watch her speech for yourself below, but I do want to note that her remarks truly were mean-spirited, partisan and uncalled-for. There was absolutely no reason to make such a speech prior to what needed to be a bipartisan effort to pass the bill. Secondly, it was dishonest, blaming all of the problems in the financial industry on the Bush Administration. Any honest observer will acknowledge that, as I posted here last week, there is plenty of blame to go around. Certain portions at the root of the current crisis began during the Clinton Administration. (Take a look at this New York Times article from 1999 if you need corroboration). Speaker Pelosi knows this, and her choice to take the disingenuous cheap shots she took -- and to do so when she did -- was despicable.
With that said, her ugly rhetoric does not -- I repeat, does NOT -- serve as an excuse for the Republicans who abdicated responsible represenation in voting against this bill (or for the Democrats who did the same thing, for that matter). This was a moment in which those in the GOP voting "no" simply needed to swallow their pride and, as the saying goes, "man up".
Here is Pelosi for you to see and hear for yourself:
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