Pelosi's Panic
Pelosi's Panic
Market Suffers Worst Single-Session Selloff in History as House of Representatives Fails To Pass Emergency Liquidity Measures.
World Markets Post Record-Breaking Losses
Faced with the choice of serving her country's best interests or stoking class warfare, Speaker of the House Nancy Pelosi chose the latter yesterday, letting loose a tirade of pent up anti-Bush non-sequitirs as the House of Representatives voted to let the financial system twist in the wind. The Speaker of the House of Representatives is its highest ranking and most influential member.
Deluded by the notion that they are somehow above consequences, and apparently infuriated that their biggest Wall Street benefactors will be unable to favor them with fat checks and "VIP" mortgages after losing their jobs, bonuses, and companies, democrats in congress threw them, the American people, and world markets under the bus rather than authorize a daring Federal intervention that would have prevented the largest single-session sell off in Wall Street history. At the close Monday, the Dow Jones Industrial Average was down over 777 points or 7%. World markets, desperate for US leadership that failed to materialize, posted historic losses.
``It was a failure to step up and exercise the will,'' lamented Chairman of the House Banking Committee Sen. Christopher Dodd, when asked how he and his colleagues failed to seize an historic opportunity to prevent the second Great Depression. His comments were an apparent reference to the custom in the Democratic party of the male members depositing their balls in the lock-box in the Speaker's office for the duration of their tenures.
Fortunately for the House of Representatives, its members cannot be sued for malpractice.
Citizens concerned about the Speaker's failure to act in their best interests and her irresponsible remarks can send her an email expressing their views.
Deluded by the notion that they are somehow above consequences, and apparently infuriated that their biggest Wall Street benefactors will be unable to favor them with fat checks and "VIP" mortgages after losing their jobs, bonuses, and companies, democrats in congress threw them, the American people, and world markets under the bus rather than authorize a daring Federal intervention that would have prevented the largest single-session sell off in Wall Street history. At the close Monday, the Dow Jones Industrial Average was down over 777 points or 7%. World markets, desperate for US leadership that failed to materialize, posted historic losses.
``It was a failure to step up and exercise the will,'' lamented Chairman of the House Banking Committee Sen. Christopher Dodd, when asked how he and his colleagues failed to seize an historic opportunity to prevent the second Great Depression. His comments were an apparent reference to the custom in the Democratic party of the male members depositing their balls in the lock-box in the Speaker's office for the duration of their tenures.
Fortunately for the House of Representatives, its members cannot be sued for malpractice.
Citizens concerned about the Speaker's failure to act in their best interests and her irresponsible remarks can send her an email expressing their views.
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