President George W. Bush went out again this morning with another plea to Congress to pass this$700 billion rescue plan. He looked like a beaten man without any salesmanship skills. Perhaps if attacking Iran was on the agenda he would have put in more effort. He could've brought out a simple chart; never mind he would have to explain it.
Today, House Republicans are anxious to vote for the rescue bill if added provisions are included.
(1)They want a mark-to- market amendment…. This is a CPA term meaning, inputting actual value to the assets like futures market.
(2) The GOP wants the FDIC guarantee be increased from $100,000-$250,000 on you deposits. This is a Barack Obama proposal (John McCain gave him credit to this morning) on MSNBC's “Good morning Joe.”
The Liberal Democrats that did not vote for this bill wanted oversight with more teeth to punish the corrupt CEOs ,and bankruptcy protection for the taxpayers involved in this plan.
Why wasn't this compromised?
The House Republicans I saw on TV last night and this morning pretty much guarantee a bill will be passed Thursday. They saw the light yesterday after the market's 777 point drop, plus the $1.2 trillion capital value loss have brought them back to reality. The House Republicans are even admitting that it was never about Speaker Pelosi hurting their feelings with her partisan rhetoric yesterday.
House Speaker Nancy Pelosi brought in two thirds of her people to the table, but minority leader John Boehner could not even bring one third of his is on board. If it was giving tax breaks for tobacco companies many Republican lawbreakers would be in the hospital this morning with broken arms.
When Barney Frank is the go to guy on this rescue plan we are in a lot of trouble,because even thou he did some good work on this rescue plan ;he is not the most bipartisan individual in congress.
The pundits keep asking where is Barack Obama and John McCain on this issue, why aren't they in Washington taking charge? They are campaigning where they belong, the Democrats do not want sole ownership of this shaky plan 'so Obama is not needed for extra votes. On the other hand John McCain is not well liked by the House Republicans so he cannot twist any arms.
I am not blaming the House Republicans for the failure of this bill, just their leadership.
The lack of leadership is the number one reason yesterday's rescue plan failed.
(1) Initially the Treasury Secretary tried to cram down Congress's throat, a bill that said "Give me $700 billion and don't question my motives and trust me,"
(2) Because of Bush's poll numbers and lame-duck status; the president of the United States does not have any clout at all.
(3) House minority could only get 65 votes of the 100 he promised Nancy Pelosi....In the end he only needed to convince 12 more lawmakers.
This bill cannot wait until January 20, 2009.
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