Exactly what party is the majority in the House of Representatives? Why can't Queen Bee, Nancy Pelosi, close the deal? If the Democrats in the House wanted this $700 billion bailout done, why didn't it pass? Why did Nancy Pelosi tell those Democrats in the House that are in tough re-election fights to vote their conscience?
The fact is that while the Democrats have the majority in the House, their leader is no leader. The Democrats did not have the courage to pass this bill on their own. They wanted the Republican party to hold their hand on this deal so that when it blew up in their faces they wouldn't have to take the blame.
The American people probably will never hear this in the MSM, but they have the House GOP to thank for that crappy bill going down the tubes. The only bill that was worse was the one that Nancy Pelosi and Harry Reid said they had in the tank before John McCain came back to Washington. Prior to McCain's arrival, the House GOP were completely left out of all negotiations.
After McCain's presence, the House GOP was finally given a seat at the table. It was only then that some of the best parts of the bill were introduced and some of the worst parts were taken out. The House was able to negotiate ACORN out of the deal. (It was a deal breaker for the GOP) They were able to push the idea of insurance being offered for some of the less evil mortgages.
Unfortunately for Nancy Pelosi, but fortunately for us, the House GOP voted against the bill. Yes, I am sure that Nancy Pelosi's partisan speech gave them their final push to vote no, but it was not their only reason. Good for them and US....the Senate Democrats are now dangling a carrot.
The Republicans may have just brought the end of the Alternative Minimum Tax by holding out on the bailout. During this time period, it appears suddenly that other ideas are being entertained as well. The FDIC is asking to temporarily increase the amount that it guarantees. It would raise the amount from $100k to $250k. They are also considering loosening some of the market to market accounting that contributed to the now freezing credit market.
What do you think they could get if they hold out for another round of negotiations? As I asked above, who exactly is in charge right now? Apparently, the Republicans are....and the American people can thank them on November 4th!