What Are Pelosi and the Revolting Republicans Thinking?

In this Seemingly Endless Epoch of the Republican Meltdown, it is constructive to glimpse how Democratics and Republicans both make a share of the mess, and contribute to the ongoing fiasco of American politics:

What the Heck Was Nancy Pelosi Thinking when she made that highly partisan, anti-Republican speech before the vote was taken on the bailout proposal yesterday? She may have merely been overtired from the long hours, but still she might have shown better restraint.

What Were Those Republican Representatives in Revolt thinking when they bailed on the bail-out? They embarrassed their peers in the House and Senate, they embarrassed their President, and they tipped the financial markets into a freefall.

And What Was Senator John McCain Doing, swooping in and out and around, and postponing the debate without skipping it, and suspending his campaign without suspending it, and then claiming a victory which was thrust into the jaws of defeat? And blaming the whole thing on Barack Obama somehow?


Over the Past Weeks, We Have Witnessed Some Stunning Non-Partisan Displays:

Republican Senator Judd Gregg of New Hampshire gave an exemplary presentation of the Senate bill, explaining the crux of the matter, and complimenting everyone involved on both sides of the aisle, including by name those Democrats who had played substantial roles.

Senator Chris Dodd and Representative Barney Frank have spoken repeatedly to task, without invoking partisan rancor.

President George W. Bush has called on both parties equally to help defend this crisis. Even in the special meeting President Bush called to help move a bailout forward, he flanked himself with Democratic Congresswoman Pelosi and Democratic Nevada Senator Harry Reid.

Secretary Henry Paulson and Fed Chairman Ben Bernanke made their appeal to our government, and singled out no side for blame.

Democratic Presidential Candidate Barack Obama offered up supportive words for those hard at work to rescue the economy. And he did this from an appropriate distance, as one not directly involved in the challenging negotiations across party lines.


Desperate Times Call for Desperate Measures. The current fiasco has shown numerous members of our government—and in particular, members of the United States Congress—rising to put national service before partisan obstacles.

This Is the Kind of Leadership the American People Want to See. We want a government that works for each and every one of us, regardless of political party. Once a politician is in office, that person’s previous party affiliation must fall away for the duration. This is what we want to see.


It Is Up to Congress to Explain What’s Going On. Congress must convey, in clear and honest communication, what is at stake here, and what must be done. No more partisan politics, the continued politicization of a crisis caused by failed regulation.

No Bill of Goods May Be Sold to the American People by a government that knows not what it does. We depend on the wisdom of such honest congressional leaders as Judd Gregg and Barney Frank to see us through.


But as for Nancy Pelosi and the Revolting House Republicans, and others who would put party above constituents, there is not much more for us to say. Other than:

What the Heck Are You Thinking?

A Man Rushes Out of a Burning Building.....

.....Carrying a Five-Gallon Can of Gasoline and a Lighted Match. He screams to the gathering crowd, “Quick! Quick! The barn is on fire! Everybody, quick! Give me all of your money so that I can go buy some water to put it out!”

Somebody Steps Forward and Asks, “But it's a fireproof barn. How can this be happening?”

The Man Shouts Backs, “Will nobody listen to reason? There's no time to waste! Hurry! Hurry! We've no time for mistakes!”

Someone Else Asks, “How about if we all bring our hoses and buckets out and put out the fire ourselves?”

“No, No, No!” Screams the Man. “I want to buy all your hoses and buckets. Then everybody turn around, and I'll put out the fire. But hurry! There's no time to waste!”

“But Why Should We Give You All Our Money, to buy our hoses and our buckets from us, so that you can go put out the fire......that you just started?”

Don't You Wish That All Analogies Were Better Than This One? The details don't match the current economic crisis facing the United States. And certainly neither Treasury Secretary Henry Paulson nor Federal Reserve Chairman Ben Bernanke created this "barn fire."

It Was “Free-Market” Ideology that failed in this situation. According to Republican testimony, the only way that Freddie Mac and Fannie Mae could get mortgages to poor people was to get rid of regulations that governed mortgages, and then sell to poor people mortgages that they could not afford.

Plenty of Ways Exist to Make Mortgages Available to low-income borrowers. But we took advantage of ignorance and greed, and put the entire American economy at risk.

As Chairman Bernanke Himself Has Not Said, “The American barn is on fire.” And we know who lit the match.

So Now What Do We Do?

What If We Guaranteed Troubled Mortgages by taking a shared equity position and extending the mortgage payments to compensate the Treasury's contribution? What could be simpler, and fairer both to the troubled homeowner and the underwriting American taxpayers?

Meanwhile, Back at the Burning Barn, government representatives of the folks that set the thing on fire are still out there, shouting:

“Hurry, Hurry, Hurry, Before the Barn Burns to the Ground, and There Is Nothing Left for Us to Sell.”

In for a Penny, In for the Whole United States Treasury

At Least Federal Reserve Chairman Ben Bernanke had the decency today to say that he has made plenty of mistakes. Has anyone else in the Bush Administration ever apologized to the American people? Has anyone else in the Bush Administration said anything even close to this?

For the Rest of the Bush Administration, right now it's “Empty the rest of your wallets, step aside and shut up, or the whole ball of wax goes up in flames.” This may be as close to an apology as we citizens of the United States are likely to get. For any or all of these messes.

The Free-Market Ideology, the Great Experiment, is now the experiment that has failed. It has failed American Conservatives in particular, and it has failed the American people overall.

Over the Past Eight Years, We Have Seen what the decades-long dismantling of essential regulatory measures has done to the economy—from the savings and loan industry back in the 1980s, all the way through to the banking and mortgage and investment fiascoes of today.

President Bush’s Appointees, Treasury Secretary Henry Paulson and Fed Chairman Bernanke, offer absolutely no assurances as to why we should trust them now, in the face of their long series of failures. If a bailout is necessary, it seems prudent to look for someone different to give the thing a try.

It Is Common to Resist Changing Horses in the Middle of the Stream, even if the horse you’re on is crippled and drowning. That fear of changing “horses” is part of what re-elected President George W. Bush in 2004. As some Conservatives said, “He got us into it; he can get us out.”

Well, It Seems That This Horse Can’t Get Us Out, and indeed his people have continually made things worse. And now his people come to Congress, hat in hand, and beg for the American worker to bail the Wall Street bankers out.

Secretary Paulson Says That If We Try to Limit the Bailout, such as by asking for equity positions in the risky investments that we buy—or by limiting the multimillion-dollar CEO salaries of the companies involved—why, these firms—these CEOs—might just turn us down.

That’s Right: the CEOs of These Desperately Troubled Firms might just say to us, “Thanks....... But no thanks.”

And Then Where Would We Be?

If We All Go down the Financial Tubes Without Their Bailout, at least they won’t be taking $700,000,000,000 more of our money with them when we all go. At least they won't be “laughing all the way to the bank” without us.

The Good News: Exactly six weeks and counting until we vote the current, uh, Free-Market, Anti-Regulation Republicans out.