The Troubled Assets Relief Fund was killed today in the House by a vote of 205-228. Technically, the TARP is not a "bail-out" of Wall Street, it is the authorization of the Federal government to purchase financial instruments that have failed.
The House was expected to pass the Bill today after adding a mortgage insurance securities fund that House Republicans were insisting be added. The simplistic way this crisis has been spoon-fed to the American public caused many Representatives - especially Republicans - to decide against it. Some Republicans claimed calls were coming in from their constituents at a rate of 10-1 against the increased government oversight and intervention.
House Minority Whip Roy Blunt also stated that a dozen or so House Republicans decided to vote against the TARP after an extremely partisan speech by House Speaker Pelosi who blamed the entire crisis on the "failed economic policies" of the last eight years.
Deputy Minority Whip also blamed the House vote on Speaker Pelosi's "failure to lead and failure to listen." It's important to remember that the Democrats have the majority in the House, so they could vote the Republicans out of existence, or at the very least they could've passed this Bill without a single Republican vote.
I would like to have the faith that the House will repair the Bill and get it right. I'm not a big fan of the TARP, but we need to do something. However, I'm not so sure I have the faith in our elected representatives to do anything other than bicker anymore. And I most certainly don't have any faith whatsoever in Nancy Pelosi's ability to guide the House through this or any other mess.
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