Bailouts are dangerous things and this bill didn't pass ... Sometimes it takes failure to learn from our mistakes, this bill just allowed America to keep on doing what caused this situation in the first place. From the AP:
The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry. ...Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor. ...When the critical vote was tallied, too few members of the House were willing to support the unpopular measure with elections just five weeks away. Ample no votes came from both the Democratic and Republican sides of the aisle. ..Bush and a host of leading congressional figures had implored the lawmakers to pass the legislation despite howls of protest from their constituents back home. ....The vote had been preceded by unusually aggressive White House lobbying, and spokesman Tony Fratto said that Bush had used a "call list" of people he wanted to persuade to vote yes as late as just a short time before the vote. ...Lawmakers shouted news of the plummeting Dow Jones average as lawmakers crowded on the House floor during the drawn-out and tense call of the roll, which dragged on for roughly 40 minutes as leaders on both sides scrambled to corral enough of their rank-and-file members to support the deeply unpopular measure. ...They found only two. ...Bush and his economic advisers, as well as congressional leaders in both parties had argued the plan was vital to insulating ordinary Americans from the effects of Wall Street's bad bets. The version that was up for vote Monday was the product of marathon closed-door negotiations on Capitol Hill over the weekend.
Cantor Blames Pelosi.....from the RTD:
Rep. Eric I. Cantor, R-7th, is blaming House Speaker Nancy Pelosi for the failure of the $700 billion bailout bill….Pelosi had struck "the tone of partisanship that frankly, was inappropriate in this discussion," Cantor said…."This is not a partisan crisis," Cantor said. "This is an economic crisis facing everyone."…He noted that 94 Democrats voted against the measure, as well as 133 Republicans…..Cantor said it reflected "Speaker Pelosi's failure to listen [and] failure to lead."…Cantor said Republicans will "go back to the drawing table and look to see where we can come together, listen to our members and produce a solution for the American people."…Rep. Robert C. Scott, D-3rd, was the only Virginia Democrat who voted against the measure. The Congressional Black Caucus had come out against the bill, saying it did not do enough for homeowners.