The Bailout Blues


| 9/30/2008 10:00:08 AM


Tags: Politics, Election 2008, economy, bailout, stock market, bipartisanship, economic depression, economic crisis,

StocksOn Monday the mortal foes of right-wing Republicans and lefty Democrats came together to sink President Bush’s bailout bill. The result of this once-in-a-lifetime cosmic event? The stock market plummeted. Economies worldwide shuddered. And American voters collectively scratched their heads. So, to help you wade through the economic and political rubble, here’s a bloggy round-up of what happened and what’s next. 

First, a quick glance at the blame game. Here’s Josh Marshall at TPM:

There's a lot of talk out there from commentators who you'd think would know better claiming that this was basically a bipartisan failure -- that both parties, Republicans and Democrats, failed to carry their members for this bill.

But look at the numbers. 60% of Democrats in the House voted for this bill. 33% of Republicans. Face it, that's not even close.

Both parties wanted to force as few members to vote for this as possible. It's really unpopular. It's perfectly legitimate (though in the absence of any credible alternative, pretty iffy) to argue that the Republicans did the right thing by killing the bill. But there's simply no question of why and how this bill failed.

Dean Barnett over at the Weekly Standard winces at the Republican party line about Nancy Pelosi’s partisanship wrecking the bailout ball. He divvies up the Republican opposition naysayers thusly:

bennett gordon
9/30/2008 11:30:38 AM

On the subject of the blame game, John Oliver said on his podcast, “I’ll tell you why President Bush hates the blame game so much: Because loses all the time. He prefers Connect Four. It tends not to end with everyone pointing out how much they hate him quite as much.” http://www.timesonline.co.uk/tol/news/world/us_and_americas/us_elections/the_bugle/