The Leadership of Nancy Pelosi
Nancy Pelosi gave a pass on this vote to dozens of Democrats who were up for re-election, and committee chairs who owe their positions directly to her.
And John Gibson points out that if Barney Frank wanted to talk extraordinarily nice to a dozen "no" voters on the bill doesn't he have better contacts and more influence with Democrats than Republicans?
The bill is, after all, a much more bitter bill for conservatives to swallow than for liberals who generally approve of government intervention into all sectors of the American economy. It was Democrats who encouraged and allowed Fannie Mae and Freddie Mac to be completely irresponsible -- and even criminal -- in its actions.
Not only don't the Democrats accept ANY responsibility for the crisis, they (Pelosi, Frank, et al.) lay the blame completely at the feet of the GOP for its free market principles. All this while the lending market itself was being corrupted by a Democrat-led government-protection racket. Some protection.
And then yesterday, Pelosi goes into partisan overdrive BEFORE the vote.
Either she was intentionally trying to hurt the bill's chances or she was being amazingly stupid and inept.
Voters hate the bill because A. They don't fully understand it (neither do the politicians who voted for and against it.) and B. They don't think it's right that people who have made terrible decisions (lenders and borrowers) should be rewarded for their irresponsible behavior.
While that may not be an accurate portrayal of what the bill does, it is an accurate portrayal of the public perception of it.
Where do we go from here? Well, Congress goes home for a vacation. The stock market lost $1 trillion in value yesterday. And Congress takes a vacation. Well, they're understandably tired from all their hard, if ineffective, work.
Last I looked, Congress' approval rating was 17 percent. Question: Who ARE those people? Visiting foreign terrorists waiting for their chance to destroy America? Just sit tight guys, you don't have to do a thing to attack the institutions of the West. We're doing a terrific job of committing economic suicide ourselves.
UPDATE: The WSJ weighs in.