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Ellen Belcher is the Dayton Daily News opinion pages editor. She writes about state government, education, the environment, higher education and all things Dayton.
Martin Gottlieb is an editorial writer and columnist for the Dayton Daily News opinion pages. He focuses on the political process itself and does such national issues as war, the economy, taxes and Social Security, as well as a hodge-podge of local and state issues.Home > Blogs > A Matter of Opinion > Archives > 2008 > September > 29 > Entry
Bailout appears to fail despite passionate plea from Boehner
Several media outlets are reporting that the $700 billion bill to bailout Wall Street banks has failed in the U.S. House of Representatives and the markets have followed with huge drops. Big banks, including Ohio-based Fifth Third and National City, have seen giant losses.
Apparently, too many Republican house members could not bring themselves to vote yes for the bill. There were too many no votes from both sides of the aisle, but the Republican leadership believed it could deliver enough of its caucus to pass the bill. In fact, Republicans continued to defect even after an impassioned plea by House Minority Leader John Boehner (R-West Chester). Check out this excerpt from Politico.com:
Minority Leader John Boehner nearly choked up as he begged his Republican colleagues to vote “in the best interest of their country” for the bailout bill.
Admitting that the outcome is in “serious doubt,” an impassioned Boehner implored his colleagues to cast aside politics — and possibly endanger their own political futures — by voting yes.
“Think about what happens to your friends, your neighbors, your constituents … These are the votes that separate the men from the boys and the girls from the women — these are the votes your constituents sent you here to vote for on their behalf — these are the kind of votes where we have to look into our souls.”
Wow.
It is presumed work will continue to either get lawmakers to change their votes or to somehow revise the plan to make it more palatable. Polling over the weekend suggested Americans did not like the bailout, with put pressure on lawmakers seeking re-election to oppose it. What is your reaction? Do you favor the bailout? Are you worried about what may happen in the markets now?
Let us know what you think in the comments.
UPDATE: The Washington Post is reporting a slim majority of Democrats voted for the bill while a majority of Republicans voted no. (Democrats voted for the bill 136-94; Republicans voted no 64-130.)
On the liberal blog Talking Points Memo John Marshall is complaining that Boehner is trying to blame the bill’s failure on House Speaker Nancy Pelosi and the Democrats.
UPDATE: On the conservative blog Townhall.com More than one post frets that blaming a Pelosi speech for causing angry Republicans to vote no is a bad strategy, with one post comparing it to Newt Gingrich’s government shutdown — a strategy that backfired badly. Other posts are hailing conservatives for sticking to their principles and voting no.
Permalink | Comments (18) | Post your comment | Categories: National politics
Comments
By Kevin
September 29, 2008 2:53 PM | Link to this
I have mixed feelings about this. I’ve heard much discussion about blame. I suppose the government—for lack of regulation; banks—for lack of clear disclosure and business sense; and consumers—for lack of sound decision-making—are all to blame. The lack of approval of the Bailout will take care of all those. The government won’t need to regulate because directly affected banks will go under, and the remaining banks and consumers, hopefully, will be smarter with loans henceforth.By Bud Norton
September 29, 2008 2:53 PM | Link to this
Where does that $700 billion figure come from? There was a post in an LA Times blog today with an admission by the Treasury Department that it basically just made up a number that sounded scary.By Eric
September 29, 2008 3:00 PM | Link to this
I hate politicians. Stop with the finger pointing and do your job!!By CFNeumann
September 29, 2008 3:03 PM | Link to this
Recall Pelosi!By Angela Collins
September 29, 2008 3:06 PM | Link to this
I feel that we should not bail these large companies out directly that have failed due to the mismanagement of funds. In fact I feel that if we, the taxpayers, are going to be forced to pay for this we should all benefit from it and not just some. If the goverment would make it to where every working american would receive 500,000.00 each then this would actually help our economy as people would then be able to pay their home loans off (as well as boost the home sales), credit cards and other debits which are hindering the banks that are struggling as well as help famailies that can not afford health care or the cost of living as it is. Perhaps if they did this they would be suprised with how quickly the economy would recopperate without giving the banks a way out everytime they mess up or the government decides to ignore the fact that we are in a Recession due to their neglect.By VietVet
September 29, 2008 3:22 PM | Link to this
The taxpayer did not create this mess. The taxpayer shouldn’t have to bail out the nimrods who created this mess. Boehner wasn’t listened to in Washington this time. If only the blind people in Butler County would stop listening to him here. Then, maybe, we could get him out of politics and elect someone who will actually do something for the people.Can you think of anything substantial that Boehner has done since he left the West Chester township board?By Rick
September 29, 2008 4:48 PM | Link to this
There were good reasons to vote for the bill and good reason to vote against it. The problem is that in Congress they spend all their time and energy pointing fingers at one another. Both parties were hip deep in this mess.By Richard
September 29, 2008 5:27 PM | Link to this
In China the man responsible for contaminating toys with lead was sentenced to death. I’m certain that the heads of those responsible for a catastrophe of this magnitude in China would be rolling already. In the U.S.A. we give them $700 billion and ask everyone to act as if it never happened. This is why we are all DOOMED!!!!!By mwm
September 29, 2008 7:02 PM | Link to this
Did he cry again?By doc
September 29, 2008 10:19 PM | Link to this
Somebody tell Boehmer that he has been targeted for replacement. I and others have had enough. The bill was bad!!! I will not vote for an incumbent this november. I hope others follow.By Dan
September 30, 2008 5:38 AM | Link to this
Thanks John Boehner, We sent you to Washington to be a fiscal conservative like you promised, and instead we get a fascist! Dont count on our votes again!By Raoul
September 30, 2008 7:59 AM | Link to this
It’s clear we need new leadership in Congress. We need to vote out everyone seeking re-election. I oppose the bailout on the grounds that it does not send the signal most needed to be sent: Americans, you must stop living on credit and stop buying things you cannot afford. Caveat Emptor. I hope Americans will now dispense with the liberal policies of the ‘brilliant’ Barney Frank, who somehow is not only escaping the media’s attention as the key author of the pathetic government arm-twisting of Fannie and Freddie backed lenders to provide loans to people on welfare and food stamps, he is on the oversight committee to fix the problem he is responsible for. This is a problem caused by over-regulation, not under-regulation. We expect lenders to make money on the loans they provide to us, but we cannot allow those that cannot afford loans to borrow money anyway, and then default and make the rest of us bail them out.By Philman
September 30, 2008 10:55 AM | Link to this
What the Leftist DDN fails to (REPORT) Democrats do not need 1 Republican vote to pass a bill, they hold the Majority in both houses. and Bush has said he will sign the bill. also go to www.worldnetdaily.com and listen to Pelosi telling 16 Democrats up for re-election to vote no…why does the DDN ignore this.now you know why i cancelled my paperBy Raoul
September 30, 2008 12:58 PM | Link to this
Good points, Philman. Pelosi doesn’t want the Dem’s to be put in the position of being the party that passed the awful bill they are sponsoring. They want to be able to blame Republicans, and cannot afford to use their majority status to pass it on their own. Politics at it’s most pathetic level. The DDN will continue to report to their befuddled readers that this whole mess is the fault of Bush and the Republicans. I also quit the paper years ago for the same reason you did. Too many absurd editorials and Paul Krugman opinions, and childish Mike Peters cartoons. It would be nice if the Gottlieb’s and Krugman’s and Peter’s of the world were equally outraged at the madness of Fannie and Freddie and the gorging at the public trough from the likes of Chris Dodd and Jamie Gorelick as they were about Enron.By Mike
September 30, 2008 3:08 PM | Link to this
Philman, you need to get your head out of WND. It will petrify your brain (if it hasn’t already). Technically you are correct. They could pass a bill without the GOP votes. But today we see what the Republican strategy really is in all of this. They released commercials to air which excoriate the Dems for voting for this bill and trying to paint it as a gift to Wall Street from the Democratic-Bush alliance. Their goal all along was to hope that enough Democrats vote for it that it passes while they vote against it in droves. Then they run like hell with the meme, “The Dems and Bush are joined at the hip”. With the GOP it’s always about playing politics. Even on an issue as serious as this one. “Country First”, McCain says??? Yeah, right!! They are shameless.By Dave
September 30, 2008 3:53 PM | Link to this
Philmon, please grow up. The Republicans in congress are still supposed to do their job, and this bailout was pushed by the Republican administration.By TRS
September 30, 2008 5:18 PM | Link to this
Michael, Michael, Michael - oh, how you can spin! Your little darlin’ Pelosi was trying to hang this whole deal around the Republican’s neck for purely and solely political reasons - she didn’t give a damn if it passed or not. Why - because Democrats are in this up to their elbows and she is trying to slip slide out of it. If the legacy media was doing their job they would be airing a committee hearing from ‘04 in which Frank, Waters and other Democrats were saying that “under the fine leadership of Franklin Raines, there was nothing wrong at Fannie”. Conversely McCain and other Republicans heard the regulator and suggested tightening up; but, as is the norm for Democrats they would accuse Republicans of being racists and hating the poor and incorrectly let it drop. Fast forward to Pelosi who tried to put the whole thing on the Republicans during her speech. Then, during the vote, the Dems were telling those freshmen who seats were vulnerable it was OK to vote no, Democratic leadership leadership were not voting for it nor did many on Cong Frank’s committee and it was evident to all what Pelosi was doing. Pelosi didn’t give a damn if the bill passed or failed - she only wanted to cement power for the Dems and make the Republicans look bad. That in and of itself is not unusual; but, supposedly this was a crisis and for her to choose to put politics ahead of country is typical of the Dems in DC.By truthbetold
October 1, 2008 9:15 AM | Link to this
TRS…. Yes!