A friend asked this question:
What do you think about Congress not passing the bailout for the stock market? Why didn't they, and what does this mean for the country?
"Congress" did not vote on the bailout.
Only the House of Reps voted on the bailout.
Every member of the House is up for reelection this November.
Only 1/3 of the Senate is up for reelection this November.
Because 80% of the electorate is against the bailout,
the Reps did not want to risk the ire of their constituents.
In a week or so, as the crisis worsens, the electorate will reverse itself and clamor for a bailout.
Then the reps will be able to vote for the bailout safely.
For many of the Reps, being reelected is more important
than the well-being of the nation.
We will have to hit bottom before the electorate begins to clamor for a bailout.
The Democrats are the majority in the House.
The Democrats could easily pass the bailout without a single Republican vote.
But the Democrats are just as cowardly as the Republicans and the
Democrats are unwilling to face the electorate if THEY ALONE pass the bailout.
So, 90 Democrats voted against the bailout with the Republicans and the
So, as I said, the Nation will have to hit bottom before the electorate clamors for a bailout.
Then both the Democrats and the Republicans can safely vote for the bailout
without fear of not being reelected.
Hold on to your seat, the ride is about to get rough.