Who is bailing out?

Okay, so yesterday’s post is somewhat wrong.   The bail out plan did not get passed.  The vote fell short in the House of Representatives, 205-228.  I’m fairly relieved.  From the sounds of it, there is all kinds of finger pointing going on, and no one wanted to vote yes unless someone else was going to be accountable.

“…But with the November election approaching, members of both parties were leery of giving the Bush administration sweeping new authority to save Wall Street firms. The fear of taking blame for an unsuccessful bail-out appeared to motivate many opponents.
George Bush was “very disappointed” by the House failure today, spokesman Tony Fratto told reporters. The president will be meeting with advisers later to devise another plan for the bail-out, he added.
“We’re all worried about losing our jobs,” Paul Ryan, a conservative congressman and early critic of the rescue proposal, told colleagues before the vote.
“Most of us say, ‘I want this thing to pass, but I want you to vote for it, not me’.” -Schor for guardian.co.uk

Whoever actually had the sense to say no, thank you.  I just hope we can find a plan to help the banks in the right way without hurting the average American.  Someone in that bank screwed up, and they need to be held accountable and be replaced with someone who can do the job correctly. 

If you screwed up your job, do you think you’d be offered a good sum of money to go away?  I know I wouldn’t.

Full article: http://www.guardian.co.uk/world/2008/sep/29/congress.wallstreet