Putting Politics Before Country: The House of Cards

Wall Street didn't collapse yesterday. The House of Representatives did.

"Only part of the failed Bush economic policies"?!? What planet are you from?!

Thank you, Nancy Pelosi! We're all in this together, Republicans and Democrats, and the leader of the do-nothing Congress couldn't put partisan politics aside for just one moment during a national crisis.

More later, after I go blow off some steam.

Ok...it's now later (I actually had to take off and work with a couple of clients this morning).

Call me a "wishy-washy" conservative, but I'm actually of the mind to vote for the bill to be passed. It may not be perfect, but I do feel that the longer the delay, the greater the harm to our economy, let alone affecting the global economy.

Republicans who stand opposed do so for ideological reasons: Let the free market run its course, and those who made bad decisions suffer the consequences of having made bad decisions. Democrats oppose the bill for ideological reasons as well, thinking this is a bail-out for Wall Street. Caught in the cross-fire of this mess, is all of the rest of us. If we simply stand aside and allow financial institutions to fail on free market principle, we will all suffer together for the mistakes of others.

Hugh Hewitt reprints a letter from David Parker who sent it to every House member that voted "no" yesterday:

Dear Honorable Member of the House:

Having observed the failure of the House of Representatives to pass the proposed Financial Institutions Rescue Bill today, I wanted to express my serious concern and displeasure. The effective price that the American people paid today for your individual “NO” vote on the Rescue Bill (which monies are now lost to all who sold in today’s market) was $4,824,561,403.51 ($4.8 billion), if you calculate that the American taxpayers lost $1.1 trillion in today’s market decline on 228 votes, or nearly $92 billion for each of the 12 votes that failed to pass the measure. Today’s market decline is not retrievable to those who sold into it, in a panic because of your failure to act in the best interests of the American and global economies. I completely agree that Speaker Pelosi failed to lead and bring a consensus to the vote in her hyper partisan introduction – she showed anything but leadership on the point. Even so, and in spite of such an offense, the American people deserved better from their elected officials who are called to SERVE.

Tuesday’s market will also be a costly experience for the American people as well. How long must we wait? Unlike the proposed Rescue Plan where the Treasury would have received a reasoned return on its investment (like unto Chrysler and the S&L Rescue Package), the American people lost today and will tomorrow and each day thereafter until confidence is restored to our markets. Many of you call this socialized economics, when in fact it is anything but. Wait until the markets completely dissemble and the Democratic majority in Congress takes hold of corrective actions – that will render us on the slippery slope of socialism.

As a lifelong conservative Republican, and one who has been actively involved in the financial markets, I am completely dismayed by the lack of financial capacity, integrity and character in your vote. I truly believe that you voted out of fear of the ballot box, and disbelief in the realities of the market. Are you that much smarter and more capable than some of the finest economic minds who are leading our markets, Hank Paulson and Ben Bernanke? What must be said or done to illustrate the severity of your actions today? The PRIDE of both Republicans and Democrats, evidenced in pointing fingers, taking credit, trying to preserve elected positions, etc. is compromising every American. The lack of confidence in the global economies is costly, far more than the invested dollars of the proposed Rescue Plan. It is manifest in 401k’s, pension funds, savings accounts, employment, housing, food, energy and every other element of society. Your failed actions today will cost us eventually, both in market losses and in an ultimate rescue plan that will bear an even greater cost.

Hat tip: Flopping Aces