US Republican's "nuked the vote" because of a speech?
The American public vents more anger
By Jon Fernquest |
Speaker of the House Nancy Pelosi, a Democrat from California, gave a impassioned speech just before the voting began on the bailout package yesterday (Read speech below).
The speech expressed all the frustration that Americans have felt over the last two weeks as the US financial crisis has unfolded.
The only problem was that her speech was very partisan, congratulating the Democratic party while highlighting the mistakes of the Republican Bush administration.
Many Republicans say that they were motivated to vote "no" after listening to the speech (See article).
Then presidential candidate McCain lashed out and and blamed the "no" vote on the Democrats:
"Just before the vote, when the outcome was still in doubt, Speaker Pelosi gave a strongly worded partisan speech and poisoned the outcome."This bill failed because Barack Obama and the Democrats put politics ahead of country." (Source: TPM Cafe)
McCain's statement essentially meant that Republicans had voted against the bailout bill because of things that were said in the speech, not because of important issues that they disagreed with in the financial rescue package. Two hours later McCain realised what he said might be a mistake and essentially retracted his statement:
"Now is not the time to fix the blame. It's time to fix the problem." (Source: TPM Cafe)
It was already too late. An outpouring of emotion issued from the Democrat side:
* Cry babies!
* Juvenile!
* Because somebody hurt their feelings they decided to punish the country.
* Where are the grown-ups around here?
* The Republicans are establishing for themselves by using Pelosi's speech as an excuse for their own failure.
* The House GOP, for reasons that defy comprehension, has decided to characterize itself as a caucus of cry babies.
* Worse, they're irresponsible cry babies who, according to their own argument, are more concerned with their precious hurt feelings than the nation's economic stability.
* If the markets fear that the nays [nos] have thrown their toys out of the pram [baby carriage] for the long term, say your prayers.
* What a bunch of clowns. These retards are claiming that their partisan vote is justified because Pelosi gave a partisan speech.
* Check out what is happening to the markets since your gang of un-American weasels, put their own petty concerns ahead of rescuing the entire country from a financial catastrophe. Get out of this land. You have sold your birthright.
* Clearly, risking an economic disaster because you're pissed off at someone is the highest form of patriotism.
* This was not a Democratic bill. It was a Republican bill from your dear leader's White House, and it was his own party that deserted. Your party, the party of robber barons, and reckless de-regulators, caused the mess, and now your gutless members of congress do not have the guts to support your own president. John McCain is The De-regulator. He never met a regulation that he liked, so this meltdown can be traced right back to him.
Speaker of the House - leader of the House of Representatives
impassioned speech - a very emotional speech
partisan - strongly supporting one political party
lashed out - attack with words, with the things you say about a person
retracted - take back what you said (here by saying the opposite)
nuked the vote - destroyed the vote
hurt their feelings - when someone says something bad about you and you get upset
the grown-ups - adults
throw their toys out of the baby carriage - something that angry babies do with their toys
pissed off at Y - angry with Y
cry babies - like babies who cry all the time
juvenile - childish, like a child
judge for yourself - you look at it and tell me what you think (don't trust me)
No matter which side you are on, one thing is clear: US presidential election politics have interfered with a speedy bailout package.
Read the speech below and judge for yourself:
Failed policies of the Bush administration
"Madam Speaker, when was the last time someone asked you for $700 billion?
It is a number that is staggering, but tells us only the costs of the Bush Administration's failed economic policies — policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.
Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos.
That chaos is the dismal picture painted by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke a week and a half ago in the Capitol.
As they pointed out, we confront a crisis of historic magnitude that has the ability to do serious injury not simply to our economy, but to the American people: not just to Wall Street, but to everyday Americans on Main Street.
It is our responsibility today, to help avert that catastrophic outcome.
staggering - very surprising
recklessness - acting without thinking about possible harm to others
anything goes mentality - a "I can do anything I want" way of thinking
left to its own devices - doesn't get help from others, has to do it alone
chaos - a state of complete disorder and confusion
a dismal picture - a very sad and not very hopeful situation
crisis of historic magnitude - one of the largest crises in many years (some say 100 years)
avert that catastrophic outcome - prevent a lot of people from getting hurt
Impact on Main street
Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city and town of the United States.
It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder to find jobs.
It is a crisis that never had to happen. It is now the duty of every Member of this body to recognize that the failure to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the financial security of millions of American families.
Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush Administration.
I must recognize the outstanding leadership provided by Chairman Barney Frank, whose enormous intellectual and strategic abilities have never before been so urgently needed, or so widely admired.
I also want to recognize Rahm Emanuel, who combined his deep knowledge of financial institutions with his pragmatic policy experience, to resolve key disagreements.
Secretary Paulson deserves credit for working day and night to help reach an agreement and for his flexibility in negotiating changes to his original proposal.
Wall Street - the interests of big business and the financial community (bankers, stock brokers, major corporations)
Main Street - the interests of everyday working-class people and small business owners (taxpayers)
freezes credit - no loans available
cripples small businesses - makes it difficult for small businesses to survive and stay in business
compound the damage already done - create even more damage, after the initial damage
financial security - having enough money to live comfortably
pragmatic - practical
pragmatic policy experience
resolve key disagreement - solve important issues they disagreed about
flexibility in negotiating - willing to change the things wanted (compromises) in order to reach an agreement
Protect the American people
Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street.
The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardize the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilization bill.
So we insisted that this bill contain several key provisions:
This legislation must contain independent and ongoing oversight to ensure that the recovery program is managed with full transparency and strict accountability.
The legislation must do everything possible to allow as many people to stay in their homes rather than face foreclosure.
The corporate CEOs whose companies will benefit from the public's participation in this recovery must not benefit by exorbitant salaries and golden parachute retirement bonuses.
meltdown - a sudden and complete failure
risky financial deals - business arrangements where money can be lost
jeopardize - acting in a way that might cause failure
economic security - having enough money to lead a comfortable life
jeopardize the economic security of the nation - act in a way that may lead to economic problems for many people in the country
key provisions - important parts of the law
managed with full transparency and strict accountability -
. face foreclosure - will have their home taken from them by the bank
exorbitant salaries - company's pays them too much for the work they do
golden parachute retirement bonuses - a high level manager (executive) receives a special large amount of money when if they leave or are told to leave
Wall Street's party is over
Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the U.S. taxpayer bailout the recklessness of Wall Street.
The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.
And should this program not pay for itself, the financial institutions that benefited, not the taxpayers, must bear responsibility for making up the difference.
These were the Democratic demands to safeguard the American taxpayer, to help the economy recover, and to impose tough accountability as a central component of this recovery effort.
high-flying Wall Street operators - people who made a lot of money from stock and financial markets
bear the risk - you pay or suffer if things go wrong
share in the upside as the economy recovers -
making up the difference -
safeguard the American taxpayer - protect the American taxpayer
accountability - having the explain and justify what you did
impose tough accountability -
Work has just begun
This legislation is not the end of congressional activity on this crisis. Over the course of the next few weeks, we will continue to hold investigative and oversight hearings to find out how the crisis developed, where mistakes were made, and how the recovery must be managed to protect the middle class and the American taxpayer.
With passage of this legislation today, we can begin the difficult job of turning our economy around, of helping those who depend on a growing economy and stable financial institutions for a secure retirement, for the education of their children, for jobs and small business credit.
Today we must act for those Americans, for Main Street, and we must act now, with the bipartisan spirit of cooperation which allowed us to fashion this legislation.
This not enough. We are also working to restore our nation's economic strength by passing a new economic recovery stimulus package — a robust, job creating bill — that will help Americans struggling with high prices, get our economy back on track, and renew the American Dream.
Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership that has left us left capable of meeting the challenges of the future.
We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a New Direction to a better future."
oversight - watch over and check, making sure nothing goes wrong
investigative and oversight hearings
a secure retirement - not having to worry about money when you are old and have stopped working
bipartisan spirit of cooperation - when two political parties work together to get things done
fashion this legislation - design and create these laws to be voted on
passing a new economic recovery stimulus package -
get back on track - return to where you were (making progress)
avert - prevent (an unpleasant thing from happening)
avert this crisis - prevent a crisis
