Yep, that’s my biggest sticking point. If it is the best they can find, sure get it through. But I highly doubt they found the best of the best in 2 weeks with just the leaders of parties/committees discussing it.
Trying to scare it through, is bullshit.
I’m not sure it is quite there, but one thing I’ve become convinced about is that what we have now is quite unusual. We have an economy that has had an aneurysm and instead of allowing and trusting the specialist to work on it, some of us are arguing about what how best to heal it, consulting with our next door neighbors, and making a decision on the next step to take based on that information.
Some are looking into the mouth of a Croc/Gator, and wondering whether to pry open it’s gullet to see what’s at the pit of it’s stomach. Not a wise move.
Sounds good to me! 
Anyway, I’m not sure the present state of the Dow should be blamed on the House vote. I watched a bit of the House debate this morning, and at that time the Dow Industrials was already off a couple hundred points. (Maybe Wall Street is reacting to Creative Loafing filing for Chapter Eleven.)
I’ll have to watch the news channels for awhile before I know if this should be blamed on politics. 
Wait, what? The Dems have the majority.
Actually, those numbers, which I can’t even remember where I got, seem to be wrong:
AYES
Democratic 140
Republican 65
NOES
Democrat 95
Republican 133
I didn’t say it was the fault of poor black people. But the rules that were put in place to allow poor people to buy homes are the ones that everyone exploited. Republicans have been holding hearings and trying to get movement on the problems with these mortgages and Fannie/Freddie for a long, long time. They have been staunchly opposed by Democrats every step of the way.
I think it’s amazing that so far the Democrats have managed to skate away from this relatively unscathed. If it were Republicans who had done this, and Youtube was full of videos of Democrats calling for reform and Republicans saying they didn’t see a problem, the media would be all over it and gleefully turning this into a failure of the Republican party. But since the videos show Democrats stonewalling, everyone looks the other way and blames Wall Street or says it’s a bipartisan problem.
The last reform bill to come to the Senate banking committee, S-190, needed a 60% vote to come out of committee. EVERY Democrat opposed it. EVERY Republican supported it. But the Republicans couldn’t get 60%, so it died in committee.
<Couric>
Other than trying to regulate Fannie and Freddie, can you provide an example of Republicans trying to regulate Fannie and Freddie?
</Couric>
Sorry, couldn’t resist 
I don’t think it will pass. The groundwork has been laid, the lines have been drawn. Another bill might pass, but I think this one is dead.
Meh…Reps, Dems…they are all a bunch of jerkoffs. Surprised this is news to anyone. The lot of them deserve derision galore.
I’m actually bit suprised here. There seems to be a lot of support here what was basically still Bush’s plan. Normally people on this board have nothing but scathing retorts for anything Bush related.
Yeah I notice more people are coming around to realizing that both parties are actually the same, just different letters next to the names. A little late for a viable third party to sweep into office this year though. 
If that’s all that the FNMs ever did, then this wouldn’t be a problem. It’s private profiteering with socialized risk, e.g. buying its own securities for profit, and insuring against it, is what by and large caused this mess. Yes, it was a political as well as an actual cash cow for many years, despite many attempts at reform which fell on deaf ears.
Specifically, why do you think that economists are wrong?
In the long run, we are all dead.
Get real. We all knew that there would be a significant number of votes against the bill, from either party. The bottom line is that the leadership of both parties endorsed the bill, and Pelosi delivered 60% of her caucus, and Boehner delivered about 30% of his caucus.
One can second guess the results all day long – the Dems should have gotten more votes, the GOP should have supported the President – whatever. At the end of the day, the Republican leadership couldn’t deliver the votes they thought were there. That’s not the only reason the bill failed, but to refuse to recognize that the Republican leadership failed to make good with their endorsement can only be called willful ignorance.
It’ a good thing John McCain decided to fly back to Washington and stick his dick in that done deal last week or the Market might be well on its way to a recovery now. Thank God for John McCain.
Boy o boy, do I agree with you. I kinda wonder though if by describing this as a “Bailout of the Market” is what has folks upset. In truth, is this really a bailout since the possibility still exist that Taxpayers could make money just as we did with the Resolution Trust fiasco a few years back?
Is it too late for someone to say “Mission Accomplished”? :eek:
Yeah see we have a disconnect, because I have all these economists who say take it slow and don’t rush to judgment on passing this bill.
Acemoglu Daron (Massachussets Institute of Technology)
Ackerberg Daniel (UCLA)
Adler Michael (Columbia University)
Admati Anat R. (Stanford University)
Ales Laurence (Carnegie Mellon University)
Alexis Marcus (Northwestern University)
Alvarez Fernando (University of Chicago)
Andersen Torben (Northwestern University)
Baliga Sandeep (Northwestern University)
Banerjee Abhijit V. (Massachussets Institute of Technology)
Barankay Iwan (University of Pennsylvania)
Barry Brian (University of Chicago)
Bartkus James R. (Xavier University of Louisiana)
Becker Charles M. (Duke University)
Becker Robert A. (Indiana University)
Beim David (Columbia University)
Berk Jonathan (Stanford University)
Bisin Alberto (New York University)
Bittlingmayer George (University of Kansas)
Blank Emily (Howard University)
Boldrin Michele (Washington University)
Bollinger, Christopher R. (University of Kentucky)
Bossi, Luca (University of Miami)
Brooks Taggert J. (University of Wisconsin)
Brynjolfsson Erik (Massachusetts Institute of Technology)
Buera Francisco J.(UCLA)
Cabral Luis (New York University)
Camp Mary Elizabeth (Indiana University)
Carmel Jonathan (University of Michigan)
Carroll Christopher (Johns Hopkins University)
Cassar Gavin (University of Pennsylvania)
Chaney Thomas (University of Chicago)
Chari Varadarajan V. (University of Minnesota)
Chauvin Keith W. (University of Kansas)
Chintagunta Pradeep K. (University of Chicago)
Christiano Lawrence J. (Northwestern University)
Clementi, Gian Luca (New York University)
Cochrane John (University of Chicago)
Coleman John (Duke University)
Constantinides George M. (University of Chicago)
Cooley, Thomas (New York University)
Crain Robert (UC Berkeley)
Culp Christopher (University of Chicago)
Da Zhi (University of Notre Dame)
Darity, William (Duke University)
Davis Morris (University of Wisconsin)
De Marzo Peter (Stanford University)
Dubé Jean-Pierre H. (University of Chicago)
Edlin Aaron (UC Berkeley)
Eichenbaum Martin (Northwestern University)
Ely Jeffrey (Northwestern University)
Eraslan Hülya K. K.(Johns Hopkins University)
Fair Ray (Yale University)
Faulhaber Gerald (University of Pennsylvania)
Feldmann Sven (University of Melbourne)
Fernandez, Raquel (New York University)
Fernandez-Villaverde Jesus (University of Pennsylvania)
Fohlin Caroline (Johns Hopkins University)
Fox Jeremy T. (University of Chicago)
Frank Murray Z.(University of Minnesota)
Frenzen Jonathan (University of Chicago)
Fuchs William (University of Chicago)
Fudenberg Drew (Harvard University)
Gabaix Xavier (New York University)
Gao Paul (Notre Dame University)
Garicano Luis (University of Chicago)
Gerakos Joseph J. (University of Chicago)
Gibbs Michael (University of Chicago)
Glomm Gerhard (Indiana University)
Goettler Ron (University of Chicago)
Goldin Claudia (Harvard University)
Gordon Robert J. (Northwestern University)
Greenstone Michael (Massachusetts Institute of Technology)
Gregory, Karl D. (Oakland University)
Guadalupe Maria (Columbia University)
Guerrieri Veronica (University of Chicago)
Hagerty Kathleen (Northwestern University)
Hamada Robert S. (University of Chicago)
Hansen Lars (University of Chicago)
Harris Milton (University of Chicago)
Hart Oliver (Harvard University)
Hazlett Thomas W. (George Mason University)
Heaton John (University of Chicago)
Heckman James (University of Chicago - Nobel Laureate)
Henderson David R. (Hoover Institution)
Henisz, Witold (University of Pennsylvania)
Hertzberg Andrew (Columbia University)
Hite Gailen (Columbia University)
Hitsch Günter J. (University of Chicago)
Hodrick Robert J. (Columbia University)
Hollifield Burton (Carnegie Mellon University)
Hopenhayn Hugo (UCLA)
Hurst Erik (University of Chicago)
Imrohoroglu Ayse (University of Southern California)
Isakson Hans (University of Northern Iowa)
Israel Ronen (London Business School)
Jaffee Dwight M. (UC Berkeley)
Jagannathan Ravi (Northwestern University)
Jenter Dirk (Stanford University)
Jones Charles M. (Columbia Business School)
Jovanovic Boyan (New York University)
Kaboski Joseph P. (Ohio State University)
Kahn Matthew (UCLA)
Kaplan Ethan (Stockholm University)
Karaivanov Alexander (Simon Fraser University)
Karolyi, Andrew (Ohio State University)
Kashyap Anil (University of Chicago)
Keim Donald B (University of Pennsylvania)
Ketkar Suhas L (Vanderbilt University)
Kiesling Lynne (Northwestern University)
Klenow Pete (Stanford University)
Koch Paul (University of Kansas)
Kocherlakota Narayana (University of Minnesota)
Koijen Ralph S.J. (University of Chicago)
Kondo Jiro (Northwestern University)
Korteweg Arthur (Stanford University)
Kortum Samuel (University of Chicago)
Krueger Dirk (University of Pennsylvania)
Ledesma Patricia (Northwestern University)
Lee Lung-fei (Ohio State University)
Leeper Eric M. (Indiana University)
Letson David (University of Miami)
Leuz Christian (University of Chicago)
Levine David I.(UC Berkeley)
Levine David K.(Washington University)
Levy David M. (George Mason University)
Linnainmaa Juhani (University of Chicago)
Lott John R. Jr. (University of Maryland)
Lucas Robert (University of Chicago - Nobel Laureate)
Ludvigson, Sydney C. (New York University)
Luttmer Erzo G.J. (University of Minnesota)
Manski Charles F. (Northwestern University)
Martin Ian (Stanford University)
Mayer Christopher (Columbia University)
Mazzeo Michael (Northwestern University)
McDonald Robert (Northwestern University)
Meadow Scott F. (University of Chicago)
Meeropol, Michael (Western New England College)
Mehra Rajnish (UC Santa Barbara)
Mian Atif (University of Chicago)
Middlebrook Art (University of Chicago)
Miguel Edward (UC Berkeley)
Miravete Eugenio J. (University of Texas at Austin)
Miron Jeffrey (Harvard University)
Moeller, Thomas (Texas Christian University)
Moretti Enrico (UC Berkeley)
Moriguchi Chiaki (Northwestern University)
Moro Andrea (Vanderbilt University)
Morse Adair (University of Chicago)
Mortensen Dale T. (Northwestern University)
Mortimer Julie Holland (Harvard University)
Moskowitz, Tobias J. (University of Chicago)
Munger Michael C. (Duke University)
Muralidharan Karthik (UC San Diego)
Nair Harikesh (Stanford University)
Nanda Dhananjay (University of Miami)
Nevo Aviv (Northwestern University)
Ohanian Lee (UCLA)
Pagliari Joseph (University of Chicago)
Papanikolaou Dimitris (Northwestern University)
Parker Jonathan (Northwestern University)
Paul Evans (Ohio State University)
Pearce David (New York University)
Pejovich Svetozar (Steve) (Texas A&M University)
Peltzman Sam (University of Chicago)
Perri Fabrizio (University of Minnesota)
Phelan Christopher (University of Minnesota)
Piazzesi Monika (Stanford University)
Pippenger, Michael K. (University of Alaska)
Piskorski Tomasz (Columbia University)
Platt Brennan C. (Brigham Young University)
Rampini Adriano (Duke University)
Ray, Debraj (New York University)
Reagan Patricia (Ohio State University)
Reich Michael (UC Berkeley)
Reuben Ernesto (Northwestern University)
Rizzo, Mario (New York University)
Roberts Michael (University of Pennsylvania)
Robinson David (Duke University)
Rogers Michele (Northwestern University)
Rotella Elyce (Indiana University)
Roussanov Nikolai (University of Pennsylvania)
Routledge Bryan R. (Carnegie Mellon University)
Ruud Paul (Vassar College)
Safford Sean (University of Chicago)
Samaniego Roberto (George Washington University)
Sandbu Martin E. (University of Pennsylvania)
Sapienza Paola (Northwestern University)
Savor Pavel (University of Pennsylvania)
Schaniel William C. (University of West Georgia)
Scharfstein David (Harvard University)
Seim Katja (University of Pennsylvania)
Seru Amit (University of Chicago)
Shang-Jin Wei (Columbia University)
Shimer Robert (University of Chicago)
Shore Stephen H. (Johns Hopkins University)
Siegel Ron (Northwestern University)
Smith David C. (University of Virginia)
Smith Vernon L.(Chapman University- Nobel Laureate)
Sorensen Morten (Columbia University)
Spatt Chester (Carnegie Mellon University)
Spear Stephen (Carnegie Mellon University)
Stevenson Betsey (University of Pennsylvania)
Stokey Nancy (University of Chicago)
Strahan Philip (Boston College)
Strebulaev Ilya (Stanford University)
Sufi Amir (University of Chicago)
Tabarrok Alex (George Mason University)
Taylor Alan M. (UC Davis)
Thompson Tim (Northwestern University)
Troske Kenneth (University of Kentucky)
Tschoegl Adrian E. (University of Pennsylvania)
Uhlig Harald (University of Chicago)
Ulrich, Maxim (Columbia University)
Van Buskirk Andrew (University of Chicago)
Vargas Hernan (University of Phoenix)
Veronesi Pietro (University of Chicago)
Vissing-Jorgensen Annette (Northwestern University)
Wacziarg Romain (UCLA)
Walker Douglas O. (Regent University)
Walker, Todd (Indiana University)
Weill Pierre-Olivier (UCLA)
Williamson Samuel H. (Miami University)
Witte Mark (Northwestern University)
Wolfenzon, Daniel (Columbia University)
Wolfers Justin (University of Pennsylvania)
Woutersen Tiemen (Johns Hopkins University)
Wu Yangru (Rutgers University)
Yue Vivian Z. (New York University)
Zingales Luigi (University of Chicago)
Zitzewitz Eric (Dartmouth College)
http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm
Balls in your court.
Rep. Clyburn’s (D) comments (paraphrased): 67% of Republicans decided to, in partisan manner, vote against what is in the best interest of the country.
Does it not occur to these people that there’s a difference between deliberately voting against the best interest of the country, and disagreeing with this being in it’s best interest? Morons!
Did Pelosi want this bill to fail? I’m confused as to the strategy of getting up and launching into a partisan rant about the Bush administration at a time when it was clear the House Republicans were wavering. That seems reckless and stupid, injecting contentious partisan politics into the debate like that. Especially since everyone listening to her knew that the lack of oversight had nothing to do with Bush, who had been practically begging Congress to act since 2001. It was pretty much a slap in the face to the Republicans.
One speculation is that she wanted the bill to fail, because the Democrats willl go back and draft one that’s tilted more to the left and gives them all the perks they want, then they’ll pass it on a party-line vote and Bush will be forced to sign it. Then the Democrats get to play savior of the economy, the Republicans look like they tried to crater the economy irresponsibly, and the Democrats get all the little party pieces they tried to slide into the bill over the weekend but lost in the compromise. Win-win for them.
The simple fact is that this has to be a bi-partisan bill. Both sides needed to take their share of the heat, and that is what they did. The leadership on both sides came together, along with Bush, McCain and Obama, and wrote a bill that required a lot of sacrifice. Republicans gave up much of what they wanted and so did the Dems. The Democratic leadership got their people to pretty much fall in line, and the Republicans couldn’t.
If the Dems wanted to have a party line fight, they could have just written their own bill, but they didn’t. Republicans are going to take a lot of heat tonight, and come back tomorrow with essentially the same thing, and pass it. This was a stunt.
This assumes that the House Republicans are so knee-jerk that they would vote down an important piece of legislation to protest some rhetoric from the opposition party. I’m fairly negative about the Republicans these days, but even I don’t think that’s a reasonable assumption. I don’t think Pelosi would have assumed so, either.