It was perhaps the costliest ad lib in political history, 90 seconds of
ill-judged, ill-timed bile that helped to kill off any hope of consensus on
Capitol Hill.
That was the charge against Nancy Pelosi after Congress’s rejection of the
$700 billion Wall Street bailout plan yesterday, a rejection that
Republicans blamed directly on her aggressive and overtly partisan speech
shortly before the vote.
As Speaker of the House and second in line to the presidency after Dick
Cheney, the most powerful woman in US political history has never been one
to keep her thoughts to herself. Even at a time of national crisis she can
be relied on to have a dig at President Bush.
But as she deviated from her prepared remarks on the floor of the House
yesterday, Ms Pelosi appears to have gone too far. At a time of heightened
sensitivities all around, she deployed the C-word — Clinton —
and helped to give a group of Republicans the excuse they were waiting for
to walk away from the bailout.
Ms Pelosi started off by stating the obvious: that $700 billion was a
“staggering figure”, a figure that had prompted a “very informed debate on
all sides” of which she, as Speaker, was duly proud.
But that was as far as her evenhandedness went. She was not going to let this
moment go without making clear who she felt was to blame for this whole
mess.
Picking up on the size of the bailout package again, Ms Pelosi said: “Seven
hundred billion dollars: a staggering number, but only a part of the cost of
the failed Bush economic policies to our country, policies that were built
on budget recklessness.
“When President Bush took office he inherited President Clinton's surpluses —
four years in a row, budget surpluses on a trajectory of $5.6 trillion in
surplus. And with his reckless economic policies within two years he had
turned that around and now eight years later the foundation of that fiscal
irresponsibility, combined with an anything-goes economic policy, has taken
us to where we are today.
“They claim to be be free-market advocates when it’s really an anything-goes
mentality: no regulation, no supervision, no discipline. And if you fail you
will have a golden parachute and the taxpayer will bail you out. Those days
are over. The party is over in that respect.”
She added: “Democrats believe in a free market. We know that it can create
jobs, it can create wealth, it can create many good things in our economy.
But in this case, in its unbridled form as encouraged, supported by the
Republicans — some in the Republican Party, not all — it has
created not jobs, not capital, it has created chaos.”
John Boehner, the Republican House Minority Leader, said that Ms Pelosi’s
speech had “poisoned” the Republican caucus and “caused a number of members
we thought we could get to go south” — making the difference in
a 228-205 vote.
He added: “I do believe that we could have gotten there today, had it not been
for the partisan speech that the Speaker gave on the floor of the House. We
put everything we had into getting the vote to get there today.”
Roy Blunt, a House Republican whip, said that party leaders had thought that
they had a dozen more votes going to the floor than they actually had but
there was “so much partisan discussion in what should have been a bipartisan
effort to solve this problem for the American people”.
Ms Pelosi herself, predictably enough, rejected any suggestion that she was to
blame for the defeat of the bailout. “You don’t vote on the speech, you vote
on the Bill,” an aide said.
In The New York Times, the commentator David Brooks struck a more
balanced tone, accusing House Republicans of confusing "talk radio with
reality" in their drive to defeat the Bill and pointing out that 95
Democrats had voted against the bailout.
He added: “Pelosi’s fiery speech at the crucial moment didn’t actually kill
this Bill, but did she have to act like a Democratic fund-raiser at the most
important moment of her career?"
Loyal and uncorrupted Financial Specialists predicted this happening around the late '90's.They were laughed at...I don't understand why "We the People" have to pay for their negligent decisions...Pelosi claims, "it'll protect taxpayers"...Ok, HOW? I say, GREED... Terrorists accomplished their goal
Dee, Onslow,
How can the president spend money without congressional approval? Where was Pelosi, when the president's budget was being approved? And how did so many elected officials get so loose with our money?
Run away government spending, including Fred and Fannie, is the real source of our economic woes.
David Graham, Cincinnati, USA
David Brooks said it best: "America’s political leaders have failed utterly to project any sense of authority and to give the world a reason to believe that this country is being governed."
Pelosi, House republicans, all of Congress deserves to lose their jobs.
Eric, Nashville,
If her speech did it, then GOOD!! That bill needed to fail. I refuse to pay for a bunch of greedy bankers bail out. Let the market reset itself, just like nature intended. No More Bailouts!
Dave , jackson, usa
Why are we complaining?
During 8 years of this administration, deficit went up by 5 trillion. That is over 600 billion a year. And that is not counting spending Social Security surplus. What is another trillion? And let’s put ex CEO of Goldman Sachs in charge. I am sure White house, congress, senat
Mike, NY, USA
So what Boehner is saying is that Republicans will vote against a bill that he says is "in the best interests of this country" because they can't take a partisan speech of the type they routinely deliver? Cry me a river.
Craig Pennington, Arlington, Virginia, USA
Poor Republicans......they share the bulk of the blame for this mess. Now they should suck it up and pass the bill. Bunch of whining two faced hacks!
M.J., Iowa, U.S.A.
No one - NO ONE - except probably a few bankers - wants this. No politicians. No regular people. But The Second Great Depression would be even worse. For anyone who, like Pelosi, doesn't get it the "great" refers to it's size, not meaning that it's any way "good" - like the large Great Barrier Reef.
liz, la,
PELOSI needs to tell the American public that the reason we are in this position is because the CLINTON administration promoted and gave incentives to FANNIE MAE and FREDDIE MAC to give home loans to people in 1999, who would not otherwise qualify!
Judy Switzer, Dallas, United States
Is this not just an example of pervasive non-partisan childishness? Like a bully on the school yard, she couldn't resist rubbing her opponent's face in the dirt. And like petulant children, some republicans ignored national interest because their tender tootsies were stepped on. Grow Up Please
WDC, Toronto, Canada
I am sure the President of Iran is saying: " Excellent, the great satan is devouring itself."
Too many ego's are hungry for power at any cost and will sacrifice the country for their own gain.
Henri Rantala, Brisbane, Australia
It's just ridiculous to blame Pelosi. She and two thirds of the demorats voted for the bill. The majority of Repiublicans voted against it. Either they voted against it out of petulance, which is pathetic, or they voted against it out of electoral fear which is weak. Neither option is appealing.
simon, London,
Everything she said was 110% true. Sure, some might say it was a bad time. But she was clearly frustrated by the Bush Administration's unwillingness to talk about a sensible economic stimulus package, which unwillingness comes of course on top of their policies of failure. Wake up!
Ross Yader, Los Angeles, USA
Pelosi for once was right - but she forgot to mention that she went along most of the time. She should have mentioned also that Paulsen is an exponent from the the culture of greed - he 'earned' in the period of 2003 until 2006 111 million dollars without taxes. He should not be at the rudder now.
Charles Rodijk, Calpe, Spain
Impeach Pelosi AND vote NO for bailing out the crooks on wall street!
Rebecca, Mesa, USA
Since when do the republicans listen to what Palosi has to say? The are using her as a scapegoat for their own actions !! This is really shamefull on the part of the Republicans. The republicans voted down the bill not Palosi stop making stuff up!!
mega, Houston, USA
The republicans are willing to punish the entire country (if not the world) for a speech by Nancy Peolsi? Is this the House of Representatives or the third grade play ground? Where are the adults?
I guess the old saw "the truth hurts" is more accurate than anyone would have guessed...
Dave, Lansing, USA
Great Article !!!! Nancy, We Love You !!! Keep The Great Work !!!! Americans - Taxpayers First !!!
New York, New York
Mary, New York, New York, USA
When I first heard the comments from Speaker Pelosi, I was upset. Yes, I'm a Republican. But my first thought was she threw leadership and nobility away in order to have one more reason to blame the President for a situation where there's blame on all sides.
Don, Altadena, USA
Where are the lower gas prices Pelosi promised if elected? I voted for her because she promised in campaign ads.
Bob, San Francisco,
I am a firm believer that if you have something worth SELLING, you don't have to sell it. This bill could not stand on its own two feet and was defeated. Let's continue to focus on the problem, not the people, and fix it. We need protection from this recurring, not a band-aid.
Nathan David, Shelby, USA
Has everyone in this country lost their minds? Did everyone forget that the democrats themselves could have passed this vote? 40%, 95 of them voted against it !! 2 out of 3 Americans said they did not stand behind the bill. Blame the Republicans and the Democrats for doing what you told them too
Shaelyn Torgrimson, Billings,
It's pathetic, so much for the cliché covet, "Country First."
Stuart, London, United Kingdom
Is it just me or does this piece come across as a little misogynistic? Blame for the current crisis should be placed where blame is due, which is exactly what Ms. Pelosi did. More votes from the Democrats may have seen this bill passed, but it's easier to blame one person. Eve was blamed too.
Kate Frichot, Claremont, Australia
My job is sent to india. Greedy management wanted money. Ok corporate america send all the jobs to india. Local employees won't have money to pay for gas, mortgage, electricity bill etc. as they lose their jobs.
Greedy Higher management in corporate america want more just money. GREED!!! is ruling
Nathan Manohar, herndon, USA
Nancy Pelosi made the mistake of asuming the bill was going to pass when she made that speech, she should have waited till after the vote, a trillion dollar error in judgement.
Scott, Vancouver, Canada
The "inherited surplus" she mentions is from the Clinton years...ever hear of the "dot-com era"? That came from investors/traders/brokers throwing money at companies with no earnings...and how did the banks get involved? Clinton smeared Glass/Steagall act...ACORN grabbed CRA...and - now trouble
Bill, Aurora, US
Thank you Speaker Pelosi for demonstrating that you are not qualified for your current position and do not quite understand it, yet.
You blame Pres. Bush for the lack of regulation of Wall Street. Congress writes the laws, baby, and WITH A MAJORITY in both houses, your job is to LEAD, not whine.
brian, humble, TX
Nancy Pelosi is almost as scary as Sarah Palin.
Lynn , Tucson, AZ
So let me get this straight, a bill put forth by a Republican president was defeated by Republicans because the Democratic leader said disparaging things about the Republican president...huh?
Chris, Chicago, USA
Woot! I'm so glad Pelosi made that speech, and that her attempts to rally Congress failed spectacularly. That bailout was ill-written at best, giving way too much power into the hands of Mr. Paulson, as well as bailing out banks that made horribly bad decisions in the first place.
L. Hill, Los Angeles, USA
It's unnerving having to watch the inept and now irrelevent leadership in Congress (Pelosi&Reid) take the lead on this. We need economists to put a plan together submit it to Congress. These political science and lawyer types elected are not qualified to make this decision. Wake up America!!
Tom S., Burlington, USA
So they spat the dummy just because they didn't like what she said.
Diddums
Kerry Webb, Canberra, Australia
As a Canadian observing all of this, I am intrigued that people are brazen enough to suggest that Nancy Pelosi singlehandedly caused the failure of the vote on the bailout. The problem is - she told the truth - something politicians simply cannot bear to hear.
JD, Vcr, Canada
Interesting that the headline was "Nancy Pelosi Blamed for Wall Street Bailout Defeat" instead of "Nancy Pelosi Listens to the American People."
That's EXACTLY what she DID.
Listen.
And do the right thing.
Good for her.
barbara , Charlotte, NC, USA
700 billion is only the start. Deregulation has finally caught up with us. How can a 90 second speech be blamed for years of politicians sleeping with lobbyists. Thank god that Bush did not get the Social Security money he wanted to give to speculators!
R Schofield, Pasadena,
I never seem to get how these people who were elected to represent the people can be so completely out of touch with WE the people. The Political Parties should get beyond their pettiness and actually DO something. Too many people are already suffering and many more tip on the brink of disaster!
Char, Las Vegas, Nv,
Nancy Pelosi is awesome. She spoke the truth finally one person finally has the guts to say what is obvious. Thank you Nancy Pelosi. She talks about secretary's power. Arrogant and insulting is what she said about the bill. Major disappointments in writing of bill, consequences were felt before.
Carol Kuhn, antioch, usa
It makes no odds whether the Bill is passed or not, the American public are going to feel the consequences of the unchecked greed of the lending companies.
Regulation of lending is the ONLY thing that should come of this crisis.
I say well done to the No voters for listening to their constituents.
Ian, Newcastle, UK
Let the chips lie where they may......why should they spend all that money to bail out the greed this country commits to in business? Use that money wisely....Bush is trying to control a runway car with no clue how to stop it.
FJ Diaz, Tucson, USA
A majority of Democrats voted in favour of the Bill.
A majority of Republicans voted against the Bill.
How is this Pelosi's fault?
Kevin, Fredericton, Canada
Nancy Pelosi is so unimpressive. She should be voted out and sent back to San Francisco where she can complain from her mansion.
nicole , washington, usa
Ignore the sound bites and follow the money.
History will show exactly how this came to pass and who was involved.
95 Democrats also voted down the bill. Only 12 Democrat votes were needed to pass this bill. How did Speaker Pelosi not get the additional 12 votes.
Great article!
Byron Van Arsdale, Austin, TX, United States
Some European governments have issued market freezes in anticipation that this might get worse. Once the Secretary of the Treasury made the public announceent on Sunday afternoon, Pelosi should have ended the partisan talk on Monday. This is beyond parties; pass the bill and end this!
Lauren, Nashville, USA
Very inappropriate comments from Pelosi indeed given the context. However, assuming the Republicans voted based on that speech, they realy are the ones to blame
Jimmy James, London, Uk
At a time when we need our so-called political leaders to be leaders and put their political differences aside, Ms. Pelosi decides to point the finger and lay blame. She said that they need a bi-partisan vote to instill confidence in the market and all she did was attack and spread fear.Incredible!
Nick Gianis, Buellton, USA
Can someone please tell me what Nancy Pelosi has accomplished as Speaker of the House. It is time for her to move on......!
Ron, rancho st margarita, usa
Thank you Nancy P. for taking the rap for this.
They just want someone to blame.
It was a bad bill and our kids and grandkids would be paying for it for generations along with us.
This is still the USA come together people, no matter your gender, race, party, or even religion.
Chris, Cincinnatus, USA
This whole mess is a signal to voters, regardless of parties. Vote all incumbents out regardless of party when they come up for re-election. This the only way a citizen can take us back to "government for the people, by the people." Both parties are guilty along with the CEO's. Time to shake the sheets the only way our constitution grants us. Party politics has been a disaster for our nation. Lobbyists would have to start all over again. Let the people prevail.
Del, Orlando, USA
The bailout is another bad idea. The US government should guarantee ALL deposits in US banks then let the banks deal with their bad loans. If all deposits are guaranteed then money will stop flocking to US Treasuries and go to the banks. This will give the banks money to work out the bad loans.
Jane, Durham, USA
I wonder if UK tax payers have to pay for the B & B bailout, or if we follow the US example. We'll soon know if we're living on borrowed time. When the French govt rejected a gas/electricity price increases, ours went all for it. Corporate England!
Karen, Weston-super-Mare, Somerset
Wait a minute.... Two years ago, the Democrats took over control of Congress. They control every piece of legislation and every single oversight function. They control every single regulatory committee. Two years ago, the economy was robust and booming. Now it's in the dumper. Huh?
Gary Jurgemeyer, Plano, USA
If republicans voted against a bill they believed in over a speech, then they are childish *morons* unfit to be there. It's the GOP's bill! She had a right to try and mitigate the damage to her party, which at least managed to get some votes. McCain is for the bill, yet he couldn't get it done.
JLJ, NY,
Barney Frank 05: “these 2 entities Fanny May and Freddie Mac are not facing any kind of financial crisis, the more pressure there is on these companies the less we will see in terms of affordable housing. ““ I don’t think we face a crisis. I don’t think we have an impending disaster" Pelosi WRONG
John Franks, Denver, US
Let me get this straight. At the cusp of the decision to pass a bill on which allegedly the future of the economy depends, the Republican consensus broke down because a lady from San Francisco sent them into a tizzy.
Is anyone gullible enought to accept this at face value?
Ed, London,
I'm going to have to start coming to the UK more often to get the complete news on the goings on with American polititcs. Nice article Times!
Tom, KC, USA
As many networks corrrectly asserted last night, the bill was a bad one - that's why it was voted down. Few checks and balances-and unfortunately-more geared to helping Wall Street than "Main Street". The current administration simply did not inject provisions to benefit the average American.
Michael , Toronto, Canada
You clearly do not understand American politics. Two thirds of Republicans voted against the bill because their constituents were opposed to it. This is an election year--they are afraid of losing their seats. Speaker Pelosi is right on and your invoking the name of Clinton is so off base.
Michael Smith, San Francisco, USA
Personally, I applaud Pelosi. After all, she did kill this legislation. At this moment, the DOW us UP 247 points, even with NO BAILOUT. Let the failing institutions FAIL! BTW, let's give credit where it is due, the current crisis can be traced to CLINTON's 1996 housing bill, loans for the poor
Richard, Fort Worth, TX, USA
We were instructed before the last election by Ms. Pelosi, Harry Reid, and other Democratic leaders that we would soon have "free" health insurance, streets paved with gold, gourmet coffee running from our hot water taps and beer from the cold one. Instead, every economic indicator is worse. Thanks!
TPM, Evansville, USA
Last one back to congress to fix this mess is a rotten egg. Pelosi needs to step up a and demand that no democrat leaves Washington until we have the job done. Republican's can whine all they want. Democrats have the majority and Democrats need to show they can lead.
Joy, Smyrna, United States
We need Johnny Depp.
Noelle Greenaway, London , Great Britain
Way to go Thomas. You "hit the nail on the head" so to speak. Democrats are in control here. And they can't get anything solved, then turn around and point at Republicans. Thank you Nancy, for the recession you and your quivering Democrats have given to us.
Jody, Loranger, USA
Paulson-Bush-Pelosi told the middle class we had to bail out Wall Street or there'd be a Depression on Main Street. Heads they win, tails we lose. We told our Congressmen, 1000 to one, to kill the bill. We'd be screwed either way, so we wanted to take the fat cats and freeloaders down with us.
Russ Armstrong, Becker, Minnesota, USofA
Lol, who voted No are republicans, who proposed the bill are republicans, now its the Democrats faults.
How much can they lie to themselves or others?
For us to get out of this rut, honesty and trust are needed. Something Republicans don't have anymore. I lean Republican, though hate lies.
Gvs, Houston, US
As for the Clinton surpluses, ever heard of some guys named Ross Perot and John McCain? Perot's run put the pressure on for fiscal responsibility. McCain got the line-item veto in place by the late 90's which minimized pork on every bill until the Court shot it down in 98. Deficits came back.
TL, Californiaville,
I am no big fan of Pelosi, but Bush and the Republican Party deserve a lot of censure. The fact that they would not support the bill (and I am not debating it's merit) because she hurt their feelings is truly pathetic, they should hang their heads in shame and resign.
Michael, Eureka , USA
The "bailout" failure of the day was Pelosi. This is not partisan, it's just the numbers (dems have a 2/3rds majority). Last Thursday, she & Barney Frank boasted that they could deliver ALL the Democrats and DID NOT EVEN NEED THE REPUBLICANS. OOPS! She shouldn't have poked House GOP in the eye 1st.
Tennesseans4Truth, Chattanooga, USA
Do not vote for this Bail Out Deal.
First what needs to be done: Pelosi, Reid, Franks, and Dodd need to step down from their positions and let congress get to work and straighten this mess up. These four people are here to do nothing but to hurt this country.
Chesley, Conroe,TX, USA
Pelosi was correct. Bush took office with a surplus thanks to Clinton. Obviously Republicans do not like the truth or an reminders of what they did while in the majority.
R. Reichsfeld, Fort Lauderdale,
They voted it down because such a small percentage of their constituents wanted this to pass. It wasn't saving their political butts, it's call doing their jobs!
Blame McCain, Blame Obama, Blame Bush, Blame Pelosi. Blame a defunct political system that has been teetering for years. Blame greed.
Kevin, New York,
It is a true testament to the foreshadowing collapse of the American system when hurt feelings are given more weight in consideration than a looming financial disaster.
Schmidt, Washington, USA
There are 575 people to blame for all this mess and they all need to be fired. Come on 300,000,000 people..........WE CAN DO IT..........
They do not care about us. They only care about themselves. Wake up and smell the coffee.
Chesley, Conroe,TX, USA
Sure, Pelosi has a great deal to learn from the stateswomanhood of the likes of Plain. How dare Pelosi state for the record that the democrats are bailing the country out of the mess the republicans created? She should bow her head and thank tthe heavens for their "collaboration" in bankrupting USA.
Ricardo, Westport, USA
If Nancy Pelosi were in the military or in business, she would be relieved of her command or fired for what she did yesterday. It is inexcusable and she should NOT be speaker of the house. She should have used her leadership to help the US at a time when we desperately needed it.
Jenny, austin/TX, usa
Ms. Pelosi's is so good at pointing the finger to everyone but herself it seems and all of congress!!! I guess it is easier to pass the blame then to be big enough to say " Hey, we are all to blame here and now we must fix it so let's get to it!"
Grow up people! you're screwing with to many lives
Sandy, Smithtown, USA
Right, so the Republicans pitch a childish fit - calling Pelosi's speech Partisan, so to show they're right, they torpedo the whole thing in a Republican show of force.
Wait, isn't that the Pot calling the Kettle black?
Grow up people.
Barbara, Atlanta, USA
Frankly, I am tired of having officials who are paid well above the national average fight and bicker like a bunch of school children. All the while, the nation and the world is stepping closer to a complete crisis. Blame should come after putting out the fire. Find a solution. Vote. Simple.
Josh, Knoxville,
What a circus. I wish every house member would resign. I am sick of the phoney populism from both parties. These same clowns created Fannie and Freddie, forced banks to write loans to un-qualified borrowers, and then blame the whole mess on the financial industry. Please.
James , Atlanta, USA
You're right, it wasn't Bush. It was Reagan.
Teffy, Bellaire, TX,
So the House Republicans have become Palinesque--wan, wilting flowers of sensitivity who cannot abide tough talk.
Poor widdle things...
Lou, Bethany, USA
Are we to understand that some in the Republican caucus voted against their country because their feelings were hurt?
Tony Dean, St Paul, Minnesota, USA
We are already in recession and it is going to get worse bailout or not. For people who say that the recession can be blamed on Pelosi: you've missed what is really happening all along, so I am not surprised that you will continue to labor under false beliefs about what is happening in the world.
Bill, Grand Rapids, US
I am also not a hugh fan of this bailout but something needs to be done or our economy will suffer terribly. This is probably the lesser of two evils. I am a Democrat. I feel that Nancy should have kept her opinion to herself...this is not the time to jump on your personal soapbox.
Jeff McCollum, Gig Harbor, US
Nancy Pelosi was exactly right and correct in what she said.
We have a smug, loose cannon President, a largely worthless legislature, and a messy mass of CEOs who are leading this country and the world through a chaotic situation toward a disaster that will be of unprecedented proportions
Max Griego, Moreno Valley, CA, United States
Republicans have their felling hurt when the truth is spoken.
Delbert Nicholas, Shawnee,
How does the president control the financial markets? Where were all the congressional oversight committees? Why does the blame go all to one man? All he can do is sign yea or nay on what the legislative branch proposes.
The blame goes to everyone in Washington not just the prez.
Ed Coronado, Huffman, TX
None of the Republicans after voting said we voted against coz PEOPLE wanted it, no Pelosi Hurt my feelings, so I'll punish the country. Wow .. country first .... sure. Grow up. Sure we need CHANGE.
Mav, Orlando,
Nancy Pelosi is an incompetent leader. The bailout stinks. It gives away the farm to secretary of Treasure who has done nothing but show bias to Wall Street. The oversite committee is the head of the Fed, the Secretary, the SEC head and the head of HUD. Give me a break, where is John Q. Public?
Jerry Fox, Granby,
The Republicans policy of "hands off" regarding the market leads to the same result it has every time the lobbyists gain control of Congress. Then they have a chance to try and do something and don't, *blaming someone else*.
McCain delivered under 35% of [R]'s but it's Pelosi's fault. Riiiight.
Roy Taylor, Dallas, USA
If people paid their mortgage on time, there would be no default. That is why a mortgage has until recently been hard to obtain. In an effort to expand housing opportunity, as well as collect campaign money, mostly Democratic members of congress encouraged Fannie/Freddy to grow; Pelosi knows this.
FlyDiesel, Fullerton, United States
I don't agree with your statement '90 seconds of bile' , Bush has created crisis over and over for which the country has been the 'fall guy'. They tried to shove this 700 billion down everyone's throats, and let the criminals on wall street have their salaries and bonuses in spite of it. screw 'em
don spicer, saco,
So the Republicans decided to punish the entire world by taking their toys and going home, after their itty bitty feelings got hurt? Shame on them. They should all resign and let someone who can buck up and act like an adult take their place.
Annie, Dallas,
Its funny when Republicans give count of how many Democrats voted against it. This bailout proposal was from your President from your party and still 67% Republicans do not agree with him or John McSame, and then try to push blame to Pelosi. Do they think everyone is dumb like them?
Mav, Orlando, FL, USA
It's ludicrous for the Republicans to blame Nancy Pelosi's remarks for the defeat of the $700 bail-out plan. Instead, it's lack of political will and leadership within the Republican Party, as well as gutless members of the House of Representatives who are to blame for the bill's defeat.
James Wooten, Ottawa, Canada
I live in Massachusetts and I, as well as many many other Americans wrote to our representatives in Congress and WE said NO to this bill. These idiots in the banks and on Wall St. have to know, as does Greenspan, that free markets are good but not run away greed. Capitalism expands and contracts.
Neil, Boston, USA
Funny, I though McCain said he suspended his campaign to get a deal done. Looks like his "leadership" is limited to stunts and gimmicks.
The banks need to fess up that home prices will fall another 15% and price their assets accordingly. Painful but necessary and inevitable.
Pat, Atlanta,
I totally agree with Nancy P. the Bush admin. has been reckless from the beginning of his term from the economy to the war in Iraq and what 's with the staggering 700 billion, how much of this money is the Bush admin. is going to walk away with while we the people suffer and foot the bill.
warren, atlanta, us
The woman should be replaced as Speaker of the House. This was an important bill needed for our economy and she couldn't resist slamming the GOP. People need to remember whose administration relaxed the lending standards and led us to this precipice. It wasn't Bush.
Karen, Seattle,
This crisis didn't start over the last 8 years. Corporate raiders of the 70's. Executive stock mainpulation in the 80's & 90's. Sending jobs to China. Failure to act on Illegal imigration. Creative Goverment bookeeping to turn deficit into surplus. All Levels of goverment are to blame. Greed!!!
Jim Townsend, Denver, Usa
I work for the gov.; in our new union contract, we are being offered an increase in the $ amt we pay for insurance and other benefits and NO PAY RAISE for three years. Now you want me to pay for the baiIout. Is George Bush going to bail me out when I can no longer pay my mortgage? -Carol, MI
Caol Cross, Muskegon,
I don't know if the sky is falling. But Pres. Bush and Treasury Secretary Paulson (former head of Goldman, Sachs) tell me it is. Aren't they leading proponents of the free market, no regulation, trust me economic policies that landed us here? Why then a bailout for a 'necessary market adjustment'?
Michael Kennedy, Cleveland,
For 6 years, US Congressional Democrats had to eat crow as they were consistently characterised as unpatriotic and obstructionist before, during, and after every vote. Turnabout is fair play, I've always heard.
The GOP can dish it out, but they can't take it.
Richard Eich, New York, NY,
While I feel that Pelosi's comments were inappropriate as to the situation, Congress must put them aside and stabilize the market.
I think the issue that troubles most Americans is rescuing firms where greedy executives have earned obscene amounts of money. They should not profit.
Frances Simmons, Paradise, CA, U.S.A.
As most major networks stated last night, the bill was a bad one. It benefited Wall Street, instread of "Main Street". Few checks and balances on the 700B, and very little benefiting the average American. The Bill was voted down because of the way the it was crafted in the first place.
Michael , Toronto, Canada
This Bill is not good for AMERICANS!!! People let's rally to our representatives and praise the ones who voted against this Bill. If you are for this Bill, you are sorely misinformed of the ramifications of it on our future. Let capitalism survive, and let failed companies go out of business.
James Calvin, Warner Robins, GA, USA
Neither party WANTS the U.S. taxpayer to bail out Wall Street... but the majority of Democrats put feelings/politics aside and voted for action they knew was vital for the whole country. The Republicans who voted against surely weren't petty enough to do it just because Nancy's speech upset them?
Steve, London, U.K.
If I could vote in her district when she came up for election I would vote her out of office. I have been independent voter all my life I have voted for what I thought was the best person for that office. I have always admired Nancy Pelosi until now.
Brooks Carmichael, Virginia,
At least there are some people who have the courage to stand up to the Bush regime.This was not a bailout to the economy but once again an opportunity to take more control from the public with fear and dire consequences as aresult.Hardly anyone has read the bill & the fine print.(again!PatriotAct)
peter, montreal, canada
Those clowns in Washington did it again, I see. Republicans, even president Bush, called for more oversight of government sponsored loan companies and were blocked by (mostly) Democrats several times, and Democrats have had the majority for a while. As for the surplus before 2001, heard of 9/11?
Gunnar René Øie, Trondheim, Norway
12 of 36 of Barney Franks own Banking Committee members voted No & many of Pelosi's Committee Chairs voted NO. But we still have to ask why are we baililng out Fannie May & Freddie Mac mistakes at becoming a low income housing agency at the behest of Maxine Waters & Barney Frank anyway?
mary olson, Minneapolis, USA
Does anyone have the guts to say this was the fault of Congress? All of them!!!
David Bowen, Mason, OH,
"Failed Bush Economic Policies". Hmm... Who has the majority of the House? DEMOCRATS - It's called Checks and Balances, it sounds like she's stating that Bush has been doing everything WITHOUT Congress. I will give this stupid politician credit for the upcoming recession.
Thomas , CT, United States
Obviously she doesn't know the time or place to keep her opinions to herself. "Brilliant" judgement on her behalf. In a time of economic crisis, when the country is looking to the leadership on Capitol Hill, hoping for a peaceful resolution, she takes the liberty to spew toxins into the air. Way2go
Missy, battle creek,
I'm sick of hearing how many Democrats voted against it. They came with the votes they promissed. Republicans burried their heads in the sand. Republicans started the mess in Iraq spending 10 billion a month. Give each of 300 million people in the US a million dollars each and let's call a day!
Jim Cozzi, Bloomfield Hills, USA
I blame Thatcher
Phil Mann, Newcastle upon Tyne,
40 percent of Democrats voted against it also. She only needed 12 more votes to pass it, and yet 94 of her own party voted it down. You can't blame that on partisanship...it was a bad bill!!!
john, tampa, usa
While I fully agree with Nancy P., this wasn't the moment to say it. I can believe that a conservative Republican, who had to be forced to vote Yes in the first place, would now see himself aligned with a rabid Democratic leader, and say "Enough!".
Nigel, Berkeley, CA, USA
If the Republicans didn't know in their hearts that she was right they would have voted as their president and whips wanted them to. If insulting corrupt big business and its Republican placemen makes Republicans vote against subsidising it....More of the same pleaase Ms Pelosi!
Eric Skelton, cardiff, wales