House votes against bailout package, 228-205
Posted September 29th, 2008 by RonShimshock
In a stunning development, the House of Representatives has voted against the bailout package, by a vote of 228-205. Everyone expected the bill to fly through without challenge, but more than two-thirds of Republicans voted against it and 40 percent of Democrats.
http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown
The Dow Jones in response has dropped nearly 700 points, and the NASDAQ has shed nearly 8 percent.
I could not be happier about this result, and I hope the Republicans and Democrats keep voting against any revised plan. The issue here is about excess credit. As long as more credit is put into the system to bailout companies, organizations, and individuals, the longer it is going to take to fix the root cause problem.
The United States financial system is just like a patient -- either we can take the medicine now (i.e., have a downturn in the economy and deal with a short-term recession, while getting rid of the excess housing inventory), or we can take the medicine later. If we wait to take medicine, there's always a chance that the situation can become fatal.
I'd much rather have the country get better sooner rather than later.
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