September 29, 2008

IF WE DESTROY THE MARKET...:

House to Wall Street: Drop dead (MarketWatch, Sept. 29, 2008)

In a stunning vote on Monday, the House rejected the financial rescue package on a vote of 205 to 228. Republicans voted against the bill by a two-to-one ratio, and in the process rejected their own leadership, who had worked for nearly a week to craft a bill that could gain a majority. [...]

Many Republicans in the House were never persuaded that the credit crunch in the financial system is an impending disaster deserving of taxpayer aid. Politicians who had cut their teeth on free-market principles couldn't accept the idea that the federal government should back up the banks who had foolishly bet everything on the housing bubble.


...we'll teach everyone that free markets work!

Posted by Orrin Judd at September 29, 2008 5:05 PM
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