The Conservative Republican Caucus held back votes in a most under-handed fashion in order to defeat the bailout vote in Congress this afternoon.
As a result, the Dow has dropped 700 points, and gas per barrel is dropping for fear of inflation.
The Republicans are making the pretense that the vote failed because of partisan remarks by Speaker Pelosi.
Minority Leader Boehner knew where every vote was when he earlier announced that the bill would pass. And he no doubt directed several to vote against the bill on the first go-round.
You may ask why they would do that.
They are posturing to make a pretense, so that when the bailout does pass this evening or tomorrow (after a news cycle), the Republicans will take credit for solving the problem they created, all the time blaming the questionable intervening chaos on Pelosi, when it was McCain who compromised this settlement.
Fox News is all atwitter with nonsense about allowing our economy to correct itself by the “invisible hand.” Who could say if they believe this nonsense? But you have to ask yourself where was the “invisible hand” to avoid this crisis. No doubt you’ve seen the economists saying that what caused the crash was that no one acted when they saw the banks were failing, to shore up capital, to restore confidence in the market.