Well, America, the first iteration of the Emergency Economic Stabilization Act (EESA) failed in the House yesterday, and the news outlets are aflame with speculations of why this happened. Republicans blame a vitriolic, partisan speech on the House floor by Speaker Pelosi before the start of voting on the bill. Democrats blame sensitive Republicans who place personal feelings above the welfare of the country’s financial system. The elite blame Main Street and Main street blames the elite. You blame Congress and Congress blames you.
It’s true. We’re to blame. The House of Representatives, with elections every 2 years instead of 6 like its supposedly more conscientious and prudent sibling the Senate, closely reflects the temperament of the nation. A “yay” or “nay” vote by a member of the House out of sync with the sensibilities of his or her constituency would threaten reelection. Congress isn’t to blame for this fiasco; they were only doing our dirty work. This bill failed because it should have. Its hasty construction and vague specifics offended parties on both sides of the aisle. The bail out didn’t fail because of partisan rancor. It failed because of an emergence of a bipartisan coalition that collectively said “No.”