Monday, September 29, 2008

Wall Street Bailout Plan Fails on Capitol Hill

They said they had a plan that would pass. They didn't. While many reasons are bandied about, from the intrusion of Presidential Politics, to Nancy Pelosi hurting the GOP's feelings, I think I have the answer. The bill is very unpopular, and lots of Congressmen and Senators are up for re-election. They think they'll get voted out if they support the bill. My theory, but here's another one. . .


Why the bailout bill went down

A sweeping rescue plan for US financial markets foundered in the US House Monday on a combination of doubts about the plan, reelection concerns, disdain for bailing out Wall Street bankers, and a deep philosophical distaste for massive government intervention in the private sector among conservatives.

The Dow Jones stock index plunged a record 777.68 points on the day ­a reaction that Democrats say could pave the way for a new vote, as early as Thursday. . .

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