Great Depression II

Today the House of Representatives failed to pass the $700 billion compromise to help bail out the banking industry. After a week of compromise the House last night announced they reached a deal and held a press conference to tell America that they reached a deal on the bail out. The Republican leadership in the House then had their own press conference announcing they would support the bill and they would urge their members to vote in favor of the bill. Well this afternoon the vote was held and it failed 205 to 228. 141 Democrats and 65 Republicans voted in favor of the bill while 94 Democrats and 133 Republicans voted against the bill. After the vote failed the Democratic House leadership and the Republican Leadership had their own separate press conferences blaming each other for the failure to the bill. The Democratic leadership knew there would only be 70 or so Republican votes in favor of the bill, so the bill would not pass unless they could get 13 more Democrats to vote for the bill. During the Democratic press conference they blamed the Republicans for causing the bill to fail, but really the Democratic leadership failed to get their members on board. If all the Democrats voted in favor of the bill and all of the Republicans voted against the bill it would still pass because Democrats have the majority in the House. As the Democrats and Republicans kept blaming each other the Dow Jones Industrial Average fell 100 points and by 3:28 the Dow was down 722.17 points. By the closing bell at 4 the Dow was down 595.29 points.

Something needs to be done to fix this economic crisis or we will be in the second great depression. Both parties need to come together to work together and fix this situation. Stop worrying about the upcoming election and work on fixing the nation's problems. Over the weekend both parties finally came together to work on a compromise and it seemed like it would pass until Speaker of the House Nancy Pelosi went on a rant on the House floor, where she said "the party is over" for the Republicans. Many reporters on the news thought her speech caused the bill to fail. While all of the this was going on today both presidential candidates seemed to be absent from the debate. Even during the debate on Friday neither candidate really had a plan to fix the crisis other than their normal talking points.