30 September 2008

Pelosi's Speech Yesterday

This morning I heard Amy Holmes talking about this on Bill Bennett's Morning In America, and she has an interesting point regarding Pelosi's speech on the House Floor yesterday.

So, her message was George Bush has been an unmitigated disaster for 8 years. He hasn't gotten one thing right and has plunged America into an economic black hole. But in this case, we need to trust him. Why? Because she says so? They had a huddle?

On what political goodwill was she drawing? The public strongly disapproves of the bailout bill. And to make legislative matters worse, voters have a lower opinion of Congress than a used car dealership. Congressional approval ratings have never been lower.
Holmes is right that Pelosi's position is illogical. If Bush has been so horrible and so wrong on the economy for the past eight years, why was his cabinet's plan being fast-tracked through the House by Pelosi and company as what needed to be done to save the economy?

The Democrats could have passed that bill yesterday if they wanted to. Over 90 Democrats voted against it, and they only would have needed about 12 of those Democrats to change their votes in order to get it passed. Pelosi, however, either couldn't deliver those 12 votes, or she didn't really want to deliver those 12 votes.

It looks like the DJIA is up about 250 points right now, so everything isn't necessarily lost because our elected leaders couldn't agree on how to save us yesterday. We'll wait to see what the market continues to do today and tomorrow, and what Congress has to offer when they get back from their vacation.


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