Politics and Profits: The Meltdown

Thirteen votes short.  There will be no revote today because of Rosh Hashanah.

Some initial blog reactions, in no particular order:

From the much-admired left-wing blogger Digby:

The Republicans are saying that many of their members had promised to vote for the bill until they heard the Democrats being too mean in their speeches. It was inappropriate. So they voted against it at the last minute out of pique. Apparently they think this is some kind of excuse.( Of course that won’t last. The Republicans will ultimately spin this as an act of fiscal integrity.)

Amazing. Pelosi brought it to the floor with the promise that the Republicans would deliver and they didn’t. I swear to God, if there’s a way to get punk’d, the Democrats will find it.

From Digby’s right-wing counterpart, Michelle Malkin:

It’s official. The MOAB has failed.

Yeah, a lot of Chicken Littles are running around screaming about the Dow dropping.

It’s dropped less than 5 percent.

Apocalyptics said it would be down 20-30 percent.

The bailout failed.

The world survives.

Malkin’s post also has the complete list of who voted for the bill and who opposed it.

Ed Morrissey of Hot Air says this:

What does this mean?  The Senate can always initiate their own version of the plan and re-send it to the House, but that will take some doing.  Can Republicans change their votes after taking this kind of stand?

If it stands, it will be a repudiation of the leadership in both House caucuses and the Bush administration.  Pelosi couldn’t hold her caucus together, and Boehner, Cantor, Blunt, and Putnam will find themselves in the minority of theirs.

Update:  I guess this puts lie to the notion that an agreement existed before John McCain went back to Washington.  They got more Republicans today than they had last Wednesday, and it still didn’t pass.

Morrissey also posts this video, which he claims “probably killed the agreement” by putting a partisan twist on what was supposed to be a bipartisan, hold-your-nose vote:

The New Republic blog The Plank’s Eve Fairbanks thinks Republicans are a bunch of babies:

The Republicans are blaming Nancy Pelosi’s “partisan” speech for the failure of the bailout bill. “The speaker had to give a partisan voice to it, and it caused a number of members we thought we could get to go south,” said John Boehner at a press conference. “Right here is why I believe this bill failed,” added GOP Rep. Eric Cantor, waving a copy of the text. “This is an instance where you see Pelosi’s failure to listen, failure to lead …”

This sounds like spin to divert blame from the GOP for the failure of the bill, but two Republican staffers I know were themselves surprised by the outcome — they had expected more GOP votes, and minority whip Roy Blunt claimed their whip count showed at least 12 more votes going in, which would have saved the bill.:

But if it’s true … give me a break! No matter what you thought of the details of the bill, is that not the most immature thing you’ve ever heard? To vote against the biggest bill of the year — to let, as President Bush put it, the sucker go down — because the Speaker insulted your feelings?

National Review Online’s Jim Manzi seems to agree with her:

Well, apparently the House Republicans have decided to run a neat little experiment to test the actual odds of the current financial crisis turning into another Depression in the absence of a bailout plan.  What alternative do they propose that could realistically be enacted?  How long do they think this would take, and what risks would we run during the period of uncertainty, even if it were successful?

I have no visibility into the current machinations on Capitol Hill, but I’m with Noah Millman: as far as I can see, if I were a senior Democrat right now, I’d introduce a Democratic alternative tomorrow and pass it on a party line vote.

I sure hope House Republicans are holding some cards they haven’t yet revealed.

Others on that site see this vote as disastrous for John McCain.  He was supposed to deliver the House Republicans.  He bragged that his intervention had done so.  Minority Leader Rep. John Boehner cited his efforts. So, he needs to explain what happened.

More later.