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Bailout plan fails in the House
Seriously. 205-228. They can still revote, by the way. Maybe this is one of those "field experiments" I have read about...
Posted by Tyler Cowen on September 29, 2008 at 01:57 PM in Current Affairs | Permalink
Comments
Yay!
Posted by: David at Sep 29, 2008 2:09:53 PM
What a joke. I can't wait to see which one is the first to say "I voted against it before I voted for it".
Posted by: Anthony at Sep 29, 2008 2:15:15 PM
I enjoyed watching the mob of votes switch to the winning side once the Nays crossed the 218 count. Election year, indeed!
Posted by: djconnor at Sep 29, 2008 2:17:52 PM
It would appear that we are a bit further from being "on the hook" for the ongoing brokerage house shennanigans than we were last night. How droll.
Posted by: CK at Sep 29, 2008 2:22:44 PM
We're going have to raise import tariffs in order to protect American jobs and manufacturing.
Posted by: at Sep 29, 2008 2:32:30 PM
I take it then that not all Dems voted for it?
Posted by: Speedmaster at Sep 29, 2008 2:36:32 PM
To the above poster: Is that a joke? Because it was pretty stale when Smoot and Hawley told it.
Posted by: topynate at Sep 29, 2008 2:36:54 PM
dems will get cover for re-vote after employment numbers friday
Posted by: at Sep 29, 2008 2:38:56 PM
I'm a 23-year old checking my Scottrade account and trying desperately to remember that I'm investing for the long run.
Posted by: Jeff H. at Sep 29, 2008 2:43:03 PM
>> We're going have to raise import tariffs in order to protect American jobs and >> manufacturing.
Yes it was, sorry. And it was a direct reference to Smoot-Hawley.
Posted by: at Sep 29, 2008 2:49:09 PM
How to Screw Up a critical bipartisan vote in 4 minutes.
Listen to Pelosi's speech just before the vote: http://www.breitbart.tv/html/184803.html
Posted by: A Berman at Sep 29, 2008 2:57:10 PM
"How to Screw Up a critical bipartisan vote in 4 minutes."
Are you seriously arguing that the Republicans voted 2:1 against as a last minute reaction to Pelosi's speech? I agree it was an idiotic speech given the gravity of the situation but you don't harm your country just because you don't like the speaker of the House. It's childish.
Posted by: Finnsense at Sep 29, 2008 3:08:56 PM
you don't harm your country just because you don't like the speaker of the House. It's childish.
Exactly.
Posted by: ogmb at Sep 29, 2008 3:12:39 PM
Yeah, apparently the speech was so partisan it even turned off 40% of the Democrats!
Posted by: David at Sep 29, 2008 3:15:40 PM
Nancy Pelosi made us do it!
Posted by: sidereal at Sep 29, 2008 3:19:18 PM
Dems could pass this with 0 Repub votes if they want.
All the pols, Dem + Repub, are running scared.
If they pass it and avert the crisis they will kicked out of office. Voters will say it was all a big scam.
Repubs were hoping Dems would pass it, so they could retake the House.
Of course, if a crisis does hit then voters will beg the Dems to take over.
Pols only getting credit for helping stop visible pain. It's not visible yet.
I'm surprised the vote failed. Dems and Repubs are playing a game of chicken here. Or maybe hot potato. Nobody wants to vote for this.
Posted by: dave at Sep 29, 2008 3:23:32 PM
"Yeah, apparently the speech was so partisan it even turned off 40% of the Democrats!"
Yeah. To be honest I'm not sure who should dislike the plan the most: the republicans because it's socialism or the democrats because it's a bail out for irresponsible rich people. The fact that neither side seemed very impressed suggests it was a reasonable compromise.
Posted by: Finnsense at Sep 29, 2008 3:24:16 PM
My work blocks gamblinng sites. Anybody willing to post what has happened to intrades recession odds?
Posted by: josh at Sep 29, 2008 3:36:21 PM
It's a classic problem of collusion/cheating. They had an agreement beforehand of who would vote for and against it. "At-risk" members would vote against it, "secure" members would vote for it. But everyone has a political incentive to vote against it. Thus, so many people cheated that the collusion came apart.
Posted by: JTapp at Sep 29, 2008 3:38:14 PM
Bad debt and its owners have to be dragged out into open with much kicking and screaming. Maybe, just maybe, we are on the verge of finally doing so.
Posted by: Yancey Ward at Sep 29, 2008 3:39:30 PM
Sigh. Nancy Pelosi is Speaker of the House and was supposed to support a bi-partisan coalition. Yes, a bunch of backbenching Republicans were childish. But ask yourself, if you were in her $400 shoes, is that the speech you would give just before the vote?
Posted by: A Berman at Sep 29, 2008 3:40:27 PM
This seems to me, at a approximation, to be an example of a prisoners dilemma problem.
Both sides rank "vote for it and get beaten up in the press by the other side for giving out handouts" as more distasteful than "vote against it"
Or an example of herd behaviour. Better to be gloriously wrong in a herd than right and standing by yourself.
Posted by: dph at Sep 29, 2008 3:41:17 PM
There is still hope for America. Lenin cried today.. Old Hickory, smiled.
So the dow drops 600 pts.. oh noes!!
Buy low.. sell high.. profit!
Posted by: Luism at Sep 29, 2008 3:41:20 PM
"Yeah. To be honest I'm not sure who should dislike the plan the most: the republicans because it's socialism or the democrats because it's a bail out for irresponsible rich people. The fact that neither side seemed very impressed suggests it was a reasonable compromise."
No as usual it was the worst of both worlds and I think it's clear much of the populace hates this. I haven't spoke to a single person conservative, liberal, or other that was even remotely for this.
The answer most give is simple. We have to pay for this mess one way or the other. Why should people who were smart with their money be the ones pickin up the tab?
Posted by: Apostate at Sep 29, 2008 3:45:19 PM
You can talk about House Dems and GOP'er's all you like, but one thing's for sure:
Pelosi's speech was irresponsible.
Posted by: max at Sep 29, 2008 3:45:43 PM
