Lawmakers Don't Know What's Next

At a post-vote press conference, Rep. John Boehner (R-Ohio) said, "I don't know that we know the path forward at this point. We need everyone to calm down, relax and get back to work."

Republicans are blaming House Speaker Nancy Pelosi (D-Calif.) for swinging the vote, saying her remarks on the floor were highly partisan. Rep. Roy Blunt (R-Mo.) told reporters he believed that Pelosi knocked at least a dozen votes out of the "yes" column.

Meanwhile, Wall Street continues its reactive dive.

The Dow is now down more than 600 points, or nearly 6 percent.

-- Frank Ahrens and Lori Montgomery

September 29, 2008; 3:21 PM ET  | Category:  business
Previous: Treasury Pledges to "Use All the Tools" to Protect Economy | Next: Partisan Finger-Pointing Begins Immediately

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So they let the economy tank because their feelings got hurt? That is the lamest excuse I have ever heard.

Posted by: CBC | September 29, 2008 3:29 PM

Posted by: macebruce | September 29, 2008 3:33 PM

CBC, I agree. Although Nancy does need to be replaced by Rahm Emmanuel, 4th ranking Dem. in House. Greed is the culprit here and 8 years of failed leadership under bush/ cheney and it goes all the way back to the House take over by Gingrich. Greed and poison partisan politics. Nixon actually was disgraced and Rep. have been mad ever since. Failed leaders are worse then terrorists.

Posted by: Tom | September 29, 2008 3:37 PM

House Republicans will stand condemned by history for their large scale defection. They failed to put "country first" and were more interested in naked ideology and faith-based cant than in protecting the interest of average American citizens.

Why didn't John McCain, with all his famous riding to the rescue last week, succeed in rounding up his fellow Republicans for this vote?

The Republicans are clearly to blame for this monumental failure of our economic system.

A day of infamy indeed.

Posted by: deedee | September 29, 2008 3:38 PM

Well, who knew Pelosi had so much influence! Guess she's more powerful than they thought.

Posted by: Observer | September 29, 2008 3:40 PM

Please provide the names of all those who changed their votes based on Pelosi's speech. These people should be hung by their testacles.

Posted by: TK | September 29, 2008 3:41 PM

Coming from a middle class family when things got so tight and these infamous words were used "Don't know what we're going to do next"; the big CEO's deep pocket government nor the rich gave a good damn. Well well well tell me now how does it feel?? I've been waiting 50 years to say this..... YOU JUST PULL YOURSELF UP BY THE BOOT STRAPS AND KEEP IT MOVING AND STOP BEING LAZY AND STOP COMPLANING!!!!

Posted by: teresamwdc | September 29, 2008 3:41 PM

Lawmakers don't know what happens next?

When did they ever know what was going to happen?

Posted by: Gurduloo | September 29, 2008 3:44 PM

Wow, get your facts straight first. This is too serious of an issue to just make stuff up. The ONLY reason there is talk about "regulating" financial markets is b/c of repeal of Glass-Stegall Act in 1999, signed into law by Clinton. Joe Biden and Chris Dodd voted to deregulate!! Guess who voted no? McCain. Since then, Dodd has recvd $13,000,000 in contributions from the financial industry.
The vote in the House to defeat the bailout was 228-205. 95 NAY votes were Democrats!! It is plain wrong to say Republicans killed the bill.
It is the way of politics all too often to not let facts get in the way of opinion, and it is disappointing that people would care enough to post a comment but then make up facts.

Posted by: john-ohio | September 29, 2008 3:48 PM

Why would someone's vote on this change because of someones speech. this is important, no one should change their vote becasue of a partisian speech. Do what is right for the country god damb it.

Posted by: Kevin | September 29, 2008 3:48 PM

Pelosi's speech huh? Maybe that will be the 21st century version of Mrs. O'Leary's cow? If the bill failed by 17 votes and the speech cost 8 doesn't that mean it wasn't the cause? I guess the answer is that if these folks were as good at math as they are punditry we wouldn't be having this conversation now would we?

Posted by: Anonymous | September 29, 2008 3:51 PM

WE WON!!

Let the financial chips fall where they may and let the market corrections occur and if the consequences for the American public are dire, WE ARE A STRONG PEOPLE, let us shift through the ashes and rubble of their greed and the excess created to determine how and why this happened. Let Congress use their investigatory power to launch inquiries to determine who should have their assets seized and who is going to prison for this treachery.

This monopoly game is over. It is time to enforce the rules and start over. It is time for many of those in high places to go to jail!

---------------

CONTACT YOUR REPRESENTATIVE

The People of this country spoken. The bailout legislation has been defeated. We oppose the bankers' bailout. Backroom arm-twisting is an unacceptable hijacking of democracy. And WE WILL NOT ACCEPT any vote change in favor of the bailout.

Posted by: U.S. CITIZEN | September 29, 2008 3:51 PM

The story all along was whether or not the House Republicans would get on board and stop being partisans and be patriots instead. They chose partisanship. It’s on them.


This is pure gamesmanship. Boehner knew that was the storyline, knew he couldn’t deliver the votes and so that’s why he commented that Pelosi’s speech turned them off. I'm no fan of Pelosi, but the logic here is pretty airtight.

Posted by: Happy to be an Independent | September 29, 2008 3:53 PM

If you could persuade all the millionaires in this country to contribute to the needed bailout, how much would each need to pay? If you do the math, this might work!

Posted by: tpchelp | September 29, 2008 3:53 PM

Lots of blame to go around -- But like the Gramm-Bliley bill of 1999 overturning depression era protections built into banking and investments vis-a-vis insurance, the biggest culprits are the republicans. It's so ironic that Phil Gramm called the American people a bunch of whiners. Where is he today? Let 'em eat cake, Phil.

Posted by: orbiter dictum | September 29, 2008 3:54 PM

Right her speech changed republican minds.....If you believe that, I got a nice deal on some real-estate....crap never mind you never get the financing together.

Posted by: Anonymous | September 29, 2008 3:56 PM

HOW DID WE EVER GET IN THIS MESS??

"100 percent financing . . ."
"No down payment . . ."
"No income . . .
"No job . . ."
"No assets . . ."
"No credit scores . . ."
"Low credit scores . . ."
"No SSN required . . . "
"ITIN identification accepted . . ."
"Undocumented income . . ."
". . . even if you don't report it on your tax returns . . ."

Posted by: Eureka | September 29, 2008 3:57 PM

Politics got in the way as usual. The bill was largely designed to be a confidence builder in America for US and foreign investors. Those screaming "bailout" will really get exited when China and other significant nations holding our national debt decide to cash in their US dollars. The Wall Street billionaires have already gotten their money and to now punish main street stockholder who hold their life savings in 401k plans is absurd. If the leaders want to punish Wall Street billionaires, raise their tax rates, eliminate long-term capital gains rates on those with more than, say, $2 million in annual gross income,eliminate retroactively "carried interest" and other tax avoidance schemes, and raise the inheritance tax rate to 85%.

Posted by: Richard | September 29, 2008 3:58 PM

Our Congressmen don't know what to do next? Why not take a junket to some nice place in the tropics? Or take a break from the backbreaking work of legislating by mowing their lawns? Or call up their mistresses and arrange for a few hours of 'relaxation'? Or buy their wife a state of the art refrigerator? --- I find it hard to believe that with all these options, Congressional representatives don't know what to do next.....

Posted by: Tom B | September 29, 2008 4:06 PM

It may turn out to be the best thing the congress has ever done. The bailout plan is risky and will harm the ecomomy in the long run. Furthermore, it will handcuff the next president and strip away his choice on budgtsry priorities. Every one should celebrate for the death of this bailout.

Posted by: Anonymous | September 29, 2008 4:11 PM

I agree with TK, I'd like to know those names. I want to know if my Rep. is one of them!

Posted by: Peter | September 29, 2008 4:19 PM

Watch out for comments from "john-ohio" -- he will lie to you (or maybe just misstate things because he spouts what he hears from Rush instead of doing research). The repeal of Glass-Steagall came through Gramm-Leach-Bliley, S. 900 in the 106th Congress. It passed with 54 Yeas, 44 Nays, on a party-line vote when Republicans controlled Congress. With the exception of Hollings (D-SC), all Senate Democrats voted Nay. Not a single Republican voted Nay.
McCain (R-AZ), Yea
Biden (D-DE), Nay
Dodd (D-CT), Nay

Gramm-Leach-Bliley was a significant deregulation law and having only an undergrad degree in economics, I wouldn't presume to say what effect it had without a lot more research. Robert Samuelson has noted that it allowed a lot of commercial banks to get into investment banking that has endangered their ability to survive, but on the other hand it also allows these massive mergers of the i-banks into what used to be commercial banks like Citibank. Hopefully the i-banking side won't destroy the retail banking that regular people use.

Posted by: PG | September 29, 2008 4:21 PM

It's a pretty big stretch to think that Pelosi saying bad things about the Bush admin. hurt people's feelings, from what I understand, the House republicans are running away from him as far as possible.

Posted by: Peter | September 29, 2008 4:22 PM

What is going on with the Republican party!? Why do they hate the American people? Instead of giving us a real contender for the office of vice president they offer us a pathetic ideologue, Sarah Palin. Instead of giving us real leadership to navigate us out of this financial crisis they act like two year olds. The only real power they have is to kick their tiny little feet and cry "NO". And that is exactly the power they used. And now, the rest of us, the middle class, will suffer for it.

Posted by: Undecided Voter | September 29, 2008 4:24 PM

Let me see now:

Republican President seeks emergency bailout
Republican Treasury Secretary sent to persuade Congress
Republican owned financial institutions at risk
Republican administration’s economy crumbling
Republican candidate for president claims he saved the day
Republican members of Congress kill the bill
Republicans at all levels blame Democrats

Posted by: I get it-shift the blame game | September 30, 2008 9:24 AM

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