Despite arm twisting by president George Bush and others, Bush's $700 billion bailout plan went down in flames today.
Senate majority whip (Republican) Eric Cantor blamed House Speaker Nancy Pelosi's speech for the rejection of the bill. "This is not a partisan crisis, this is an economic crisis," he said in a press conference following the vote.
Cantor noted that 92 Democrats voted against the bill following Pelosi's speech blaming the Bush administration for the current economic crisis and for not protecting the middle class who lost their homes, savings, pensions and their retirement.
Cantor called Pelosi's words "inappropriate". Bush is determined to get the bill passed to rescue his friends and their companies before he leaves office.
Bush claims if the bill doesn't pass, the economy will collapse. But he's not talking about "our" economy, he's referring to "their" economy.
This time "they" will be affected instead of "us" and it feels good.
In truth, the working class won't feel the pinch as much as Bush and his millionaire friends who caused millions of people to lose their homes, pensions, mom and pop stores and savings.
Upon news of the bill rejection, the Dow dropped over 700 points but rebounded 200 points.
Thanks to loyal reader Angela Watts for the tip!