Democrats Blame Republicans, but Bailout was Already Doomed

After the House of Representatives voted against the $700 billion bailout legislation negotiated between Congressional leaders and the White House, Democratic Congressman Barney Frank said it was all the fault of Republicans. You see, Mr. Frank said, Republicans in the House were offended by a bitter, partisan speech delivered by Speaker of the House Nancy Pelosi just before the bailout bill was voted on.

Pelosi took to the floor shortly before voting began and launched into a scathing criticism of the economic policies of the Bush Administration and Republicans in general. Republican leaders later responded that the Speaker's unnecessary partisanship had cost her Republican votes when it came time for the bailout's fate to be decided.

But would any lost Republican votes have really mattered? It's doubtful at best. When the final vote was tallied, more than 90 Democrats in the House voted against the bill, representing nearly two-fifths of all House Democrats. Included in those 90 voting against the bailout were four Democratic committee chairs, considered part of the Democratic leadership in the House.

The truth is that if Speaker Pelosi had her own house in order, none of the Republican votes would have mattered. Democrats have a majority in the House and have the ability to push through any legislation they want.

And I don't buy the line that Democratic leaders wanted a bipartisan result. If the condition of the economy was so dire, as we have been told, and this particular bill was so necessary, shouldn't Democrats have united to ensure its passage? Leaders of both parties, and the White House, failed to listen to how Americans felt about bailing out the financial sector with taxpayer dollars. Congressional offices were flooded with calls and emails opposing the bill. And it seems this time, at least, that Congress listened.

So the next question is this: is the economy really in the dire straits we have been led to believe it is in? There are certainly some weak sectors, but other sectors are strong. The Dow Jones Industrials dropped nearly 800 points yesterday, but that 7 percent decline was far short of historical disasters on Wall Street. And Dow futures were up over night, as were European markets. It seems the bargain hunters are moving in.

Now, there are some underlying problems with the financial system that must be addressed. But both the Congress and the White House need to take their time and come up with a solution that fixes the problems for the long-term, and doesn't just apply a band-aid to get us through the election.