Like the Monty Python slogan says, Congress today did something completely different: the House voted down the financial rescue bill that was supported by the leaders of both parties and the President. It may also have been supported by Senator Obama, although he has not said so in public to my knowledge. For his part, Senator McCain did say that there was a need to swallow hard and vote yes. In response to the defeat in the House, the Dow was down over 700 ponts in what may only be the first day of the reaction. Only time will tell.
One thing is certain, however. It is hard to imagine that a personal appeal from Obama would not have been able to sway 12 more votes from the nearly 100 Democrats who voted against the bill. Although no one is saying this, I give credit for the bills defeat to Obama's decision to go for political cover rather than leadership. Indeed, if he was against the bill, he should have said so. If he supported it, he likewise should have said so. Instead, he once again voted present. If he cannot take a position in the face of the most severe financial crisis we have faced in 80 years, how will he ever be able to be an effective President?
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