Monday, September 29, 2008

777

777 points later on the Dow Jones Industrial Average, I'm not sure whom I'm more pissed off at, the House Republicans or Nancy Pelosi.

The speech heard 'round the world:


Never mind that the budget projections were based on the Nasdaq bubble continuing forever, or that 9/11 happened on those two years...

But how can I put all the blame on the House GOP for not wanting to eat a "mud" sandwich of a bill when Pelosi ignores the plain fact of Democratic opposition to regulation of Fannie and Freddie?



I'd rather that the House Republicans sucked it up, voted for the bill, and then focused their public relations machine on telling the other side of the story. But even I would have had to swallow pretty damned hard when Pelosi was carving the epitaph of capitalism live on the floor of the House.

13 comments:

Anonymous said...

Seriously - Republicans have spent a fair amount of time ignoring everything Pelosi says (namely because she spits nonsense out like a dockworker with Tourettes), and they suddenly choose now to have something she said impact how they vote?

~MJA

Sockless Joe said...

I'm with you Mike. However, I must acknowledge the visceral desire I'm sure some of those guys had to see Pelosi die in a fire. This was one instance where they couldn't change the channel, which is what I do 98% of the time NP is on the tube.

It's like the ultimate "I told you so" from your mother when she doesn't know what the hell she is talking about, but is oh-so convinced that she does. Except in this case the "I told you so" came BEFORE what she was trying to get them to do.

And this speech was sort of the straw that broke the camel's back. Dodd, Frank, Reid, Pelosi, the usual suspects, took every opportunity on financial TV to twist the knife of (de/re)regulation. I actually muttered to myself this morning that Barney Frank had better shut the hell up about free markets being responsible for this or people are going to walk away.

Little did I know.

Sockless Joe said...

Incidentally, the total market cap loss was over a trillion dollars today. So as of 4pm eastern time, lack of a plan cost society more than the $700bn by something like fifty percent. Let's see what happens tomorrow.

Some of the dumber Republican House members don't understand how important credit has become, what a multiplying force it is, why it's called "leverage"...

Anonymous said...

Joe - seriously now - I just want to be clear - your premise is that the house republicans contributed to the collapse of wall street because they were pissed at their mom?
Matt

Sockless Joe said...

perhaps a little too cutesy Freudian, but yeah.

Sockless Joe said...

Let's say they had the votes going to the floor. What happened to those twelve guys? They heard an accusatory lecture from a shrill female voice.

Most of them weren't going to vote for it anyway, but on the margin I think you have to say NP was a big factor.

Anonymous said...

What does that then imply about the effectiveness of the House Republican leadership? Do you really place the blame on the dems given that it was the Republicans who actually made the preponderance of no votes?
Matt

Anonymous said...

The "twelve guys" is highly suspicious, seeing as it's *exactly* the amount they would have needed to pass the bill. I'd guess the difference was no more than 5 or 6, but it's convenient for the GOP to say twelve. With that said, Pelosi has no business adding to the rancor when she knew the vote was going to be a close one.

~MJA

Sockless Joe said...

I think I did mention that I was PO'd at the Republicans pretty much up front.

Their "alternative" bill was a joke too, though it may have given them leverage to get out some of the crap out of the Dem bill like the ACORN giveaways.

Sockless Joe said...

I find it hard to believe that the R leadership took the vote to the floor without a favorable whip count. I would bet almost anything that there were 12 (or 13 or 14) votes who either changed their minds on the floor, or, more cynically, lied to the leadership in order to force a failure of the bill.

Anonymous said...

Dante: 777! The Dow lost 777 points!

Randall: In a row?

~MJA

Sockless Joe said...

actually I was thinking of another Kevin Smith reference...

The House GOP wanted Nancy Pelosi to shove that bill some place uncomfortable... no, not the back of a Volkswagen.

Anonymous said...

Ooh. Nice one!

~MJA