The Republican leadership including President Bush and John McCain couldn't deliver the promised votes from their side of the aisle. The Republican defectors blame Speaker of the House, Rep. Nancy Pelosi, for her overly "partisan speech" as their reason for not voting for the measure as their leadership had promised.
Senator Barney Frank summed it up best, "... one of the truly great coincidences in the history of numerology; the number of deeply offended Republicans who put feeling over country turned out to be exactly the number you would need to reverse the vote."
In response to Republican bruised egos, the Dow Jones Average closed DOWN 778 points. That represents well over a Trillion dollars lost in the stock market this afternoon ... enough money to cover the bailout about one and a half times. The market is lower now than it was when Bush took office in 2000! At least now we know what Republican egos are worth and that is far more than we can say for the assets held by their deregulated buddies in the financial sector.
The Australian market was down over 4% in the first fifteen minutes of trading ... opening after the vote of the US House of Representatives had been counted.
COUNTRY FIRST!!!!
Can you spell "C-o-n-g-r-e-s-s-i-o-n-a-l C-l-u-s-t-e-r-f-u-c-k"?
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