Video: Was Pelosi to Blame for -777 ?

September 30, 2008

The failure of the “bailout has been blamed on several factors, but Nancy Pelosi, Speaker of the House was possibly too vocal and hurt a few of the fragile feelings of her partisans. Big Bully!

Watch this video and tell me if you think she was too harsh on the Bush administration or on target…?

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Written by Andrew Horowitz · Filed Under Economy

Comments

969Comments2008-09-30+11%3A07%3A22Andrew+Horowitz to “Video: Was Pelosi to Blame for -777 ?”

Art Stanton on September 30th, 2008 7:30 am

People keep saying she hurt Republican’s feelings, but I don’t think that is what it is at all.

After what she said a vote on the bill would “mean” that they agreed that Bush’s economic policies failed and were the cause of this when the roots appear to be much deeper.

If the bill would have passed I think it would have been ammunition for the Dems in the upcoming election, and the Republicans couldn’t afford to give them any ammunition.
Klaus on September 30th, 2008 7:46 am

Sounds like some pretty reasonable arguments to me
Chris on September 30th, 2008 8:47 am

Honestly, I think the main problem is that nobody, not even banks, know how to properly use credit. Now, I admit that the one negative thing I do with credit is my car loan, but, you can bet that I won’t be paying it off in the 3 year term either! I overpay to get it paid off before the car value depreciates too much.

In regards to credit cards, I have 1 that I use for gas and pay off in full every month. The only other debt I have is my mortgage, which I pay bi-weekly to cut interest.

If lenders and people would learn that credit is not an “instant fix” to buying something they don’t have the money to buy, it would make things easier.

Perhaps if our country would curb its “I need it now and will pay later” attitude, we can right things without having every taxpayer paying for the mistakes of bad lending decisions.
Andrew Horowitz on September 30th, 2008 8:59 am

Chris:
Agreed on credit cards. I wonder if some kind of legislative action to limit CC usage could help to curtail overuse and possibly the continued build of the House of Cards…
Gerald on September 30th, 2008 9:00 am

It’s just political grandstanding on both sides. Pelosi kept dropping her talking points every chance she got, and they do it every chance they get. Sometimes it makes you wonder if they really do care. Both sides disgust…
Chris on September 30th, 2008 9:08 am

The problem remains, it is still a house of cards, and we know how stable those are…

There has to be a way to stabilize the house of cards and re-enforce it with wire, or superglue or something.

However, this will never happen if lenders don’t get more strict with who they lend to and how much they lend, and lendees learn how to properly use credit..

As long as society continues the “I need it now” mentality, we will still be stuck because people will just keep buying on credit, and only paying minimums, which results in more and more debt both for lendee and lender.
Dale on September 30th, 2008 9:28 am

I heard an honest assessment of the current administration’s policies as they pertain to this issue. Being the eleventh hour, as far as the election is concerned, she could have been much more harsh in her criticisms and finger pointing but I feel, held back somewhat in light of the crisis at hand. Which is out of character for Speaker Pelosi as my experience listening to her has shown me. She is merely standing up for the people and condemning the system that got us to this point. The people that will foot the bill for the mistakes made by, and I hate this cliche, the powers that be. She’s doing her job by calling on the ones that have the power to fix this to act and defending the ones paying for it.
Casey on September 30th, 2008 9:46 am

People need to remember that the roots of this problem date much farther back than the current administration and it’s policies. You could make an argument that the roots of this problem go all the way back into the 1970s with the carter administration and the Communities Redevelopment Act which started the push to get more poor people into housing and the start of the loosing of lending guidelines. Certainly there was a continuation of this push in the CLinton administration. Interesting to watch the video at http://www.youtube.com/watch?v=_MGT_cSi7Rs where in a house hearing on Oct 6th 2004it is the democrats who are arguing against increased oversight/regulation of Fannie Mae by saying there are no problems with the lending practices while the republicans who are saying more oversight is needed and we are heading for trouble.
El on September 30th, 2008 9:51 am

OMG. You’ve got to be kidding me. Of course it’s Bush’s fault. Of course it’s the Republicans that allowed this. The Democrats had nothing to do with it in the last 8 years and were just total bystanders this entire time with their hands in the air. Yeah right. So I guess she forgot that the Democrats and Republicans together passed each budget for the past 8 years, did nothing to correct the obvious looming crisis for the last 2 years while the Democrats have had the majority in the house, made no attempt to reign in spending over the last 8 years?

Her speech is definitely insulting and a nice piece of revisionist history, but that’s nothing new and I’m a little surprised about the hurt feelings over it. Poor babies. It would have been nice to see them all eat a little humble pie and admit that both parties screwed everyone over. It would have been much more helpful for her to show this as a bi-partisan coming together of the two parties, but of course she had to blame this solely on Bush just like everything else. Sad.
Jonathan Lawson on September 30th, 2008 9:59 am

She was off base on a number of accts.

1) This was not the place to rail in to Bush. They were attempting to pass what they considered to be VITAL legislation to protect our country. When she spoke of something beneficial, the dems were mentioned. When it was negative, it was the republicans.

2) She blames it on Bush, yet during the Clinton Administration is when it was decided to increase home ownership, and the repeal of the Glass-Steagall act was revoked.

3) She correctly spoke about the arrogant nature of the initial Treasury proposal.

4) I am happy to hear the House Republicans, and a number of her own party voted against that proposal. Perhaps they will put a better, less rushed, version up to vote.
Jonathan Lawson on September 30th, 2008 10:11 am

#2 should have stated:

2) She blames it on Bush, yet during the Clinton Administration is when it was decided to increase home ownership, and the Glass-Steagall act was revoked.
Stu Gisburne on September 30th, 2008 10:21 am

I agree with Jonathan. This was not the time to make those statements. Coming from an IT background, there are times when urgent matters need to be addressed and acted upon. During those times we worked as a team to correct the situation. Blame and finger pointing never helps the situation and merely delays. This is a clear example of which Pelosi is one of those team members that delays, finger points and sits in the corner saying “It’s not my fault”. My comments to people that acted like this during meetings where we had to “fix” things, was to say “If you have nothing to add in helping to determine the correct approach, then leave the room” Nancy Peolsi, please leave the room!
George Soumakis on September 30th, 2008 10:27 am

Are politics getting in the middle of looking at the market? I thought you were against the bailout.

The bailout was a faulty system requested by a GOP president, a treasurer who begged the democrats for their help, and rejected by the GOP.

did we forget the Enron loophole, Bear Sterns, Enron (and Bush’s good friend (Ken) Lay)?

george
Sam on September 30th, 2008 10:51 am

I think it’s a little silly (and an election gimmick) that Pelosi is blaming Bush for this meltdown. The formation of the Fed way back in 1913 guaranteed a cycle of booms and busts in a country fueled by credit and money created out of thin air. I’d hardly consider that “capitalism run wild,” as it hasn’t exactly been a free market.

Oh, and wasn’t it Clinton who approved a $50 billion loan package to Mexico? It’s been a pretty standard practice for America (run by both Republicans and Democrats) to bail out investors in other countries.

Either way, I’m glad the bailout failed.
etch on September 30th, 2008 10:58 am

honestly i think hit the head right on …she is great
etch on September 30th, 2008 11:08 am

she’s much better than that…..PALIN BIMBO………….that’s fer sure
Jeff Craig on September 30th, 2008 11:28 am

I agree Mr Lawson. It was a Democratic President, with large support from the Democratic minority in Congress who passed the Glass-Steagall repeals in 1999. Yes, it was a Republican controlled congress. Yes it was based on legislation proposed by Republican’s. But ultimately, the Democrats did not put up any significant fight.

Has Bush’s economic policy failed? That depends on whether or not your think Bush even *had* an economic policy. George Bush’s tenure in office has been remarkably void of meaningful policy. That is a failure in it’s own right.

Ultimately, I’m glad that the bill failed in the house yesterday. I hope that it fails again on Thursday. Pumping $700 billion into a failing industry, is a dismal waste, and it at best forestalls the inevitable. We’re in for tough economic times, we need to accept that.

Also, I do not consider anyone who bought a house they could not afford, even on bad advice, a ‘responsible homebuyer’.

The one place I do agree with Pelosi, is that we need to eliminate the Golden Parachutes. But what Pelosi doesn’t seem to realize, is this bailout plan validates what was done. If we suck it up, and take the pain about to be heaped upon us all, Wall Street will learn. So will the banks. The pain is coming, regardless of if we waste $700 billion on this buyout or not.
Gordon on September 30th, 2008 11:46 am

I believe this speech is the kind of political rhetoric that has our economy and country in such an unhealthy state. Face the facts folks… we have a “do nothing” congress that is more interested in posturing and finger pointing than serving the people who elected them. The Bush administration and the both parties should be sharing the blame on this one. It’s naive to think that the Dems have no fault in the matter while they have controlled congress for 2+ years, and have held leadership positions on key committees like the House Banking Committe (Frank), and Senate Banking Committee (Dodd) which both have oversight of the troubled financial and housing industries.
MaryEllen Wynn on September 30th, 2008 12:15 pm

If Republicans haven’t heard a summary of the countless mistakes of the Bush administration before this, I’d like to know what caves they’ve been living in. They were angered, hurt, insulted? Oh, come on. What a transparent attempt to shift the blame for the failure of the Republican leadership to deliver the vote.
Jeff Craig on September 30th, 2008 1:57 pm

@Gordon, I agree. The partisan bickering, on both sides of the fence, has really deteriorated the effectiveness of our government. This issue, of all things, should never have been allowed to deteriorate into an Us v Them debate. Both sides passed, with strong support, the 1999 Bill which is being blamed for this. Both sides did nothing as the housing market began growing out of control over the last few years.

Too bad that the parties themselves, as well as the media who hungers for conflict, have all but killed the countries ability to have a reasonable third party.
Pak Hui on September 30th, 2008 8:12 pm

Vote results:
Democrats: 140 Ayes, 95 Nays
Republicans: 65 Ayes, 133 Nays
Total: 205 Ayes, 228 Nays

Pelosi(D) scared people off?! Democrats agreed with the plan, in spite of the tongue lashing. It’s like getting pissed at your teenager son for blowing too much on credit cards, in the end you still need to bail him out.

Then who got scaerd? Republicans, with 2/3 of the members in disagreement, in spite of their own leader’s lame duck speeches in trying to urge his own party to agree with him.

This is total party politics. The result of the vote is obvious - Republicans did not get enough support, then they blame it on the Democrats who voted for it by majority. Dems are pissed off, but they voted for the medicine.
Michael Laxner on September 30th, 2008 8:32 pm

There is enough blame to go around. Who supported and encouraged people who could not get loans to buy homes thru the Community Reinvestmest Act and Freddie and Fannie? the Dems. The economy seemed to be doing just find the first 6 of the last 8 years. What happened 2 years ago? The Dems got control of Congress. What happened next?
Andrew Horowitz on September 30th, 2008 10:25 pm

Mr Laxner:

The politics are enough to make anyone sick. It is becoming much clearer to all I believe

Andrew
steve on October 1st, 2008 10:41 pm

THROW THIS RAG OUT . OUT OF TOUCH,CORRUPT, OVERLY POLITICAL ,SHE’S THE ONE CHAOTIC AND DISMAL.WAS DEMO IN THE 90′S HAVE BEEN INDE SINCE 2000 THESE ARE BASTARDS,QUEERS AND WHORES WHO UN THE GOV.!
Mike on October 27th, 2008 10:23 pm

With all due respect,She’s an idiot.The problem is both sides of the aisle,they point the finger and blame each other while no one addresses any of the problems.Elect an independent canidate,not without cash that the dem. & rep.control and you don’t think there’s ever going to be campaign finance reform without loopholes.We need to vote them all out of office and start new,could you or I do any worse?

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