The Trunk Report has a good summary of Speaker Nancy Pelosi's role in the bailout bill failure yesterday.
The bottom line here is that Pelosi and the Dems have the ability to pass any bill they want even if zero Republicans vote for it. This Congress, the least effective in American history, continues its status quo. Pelosi was determined not to lead on this bill, ensuring that any bill would have enough Republican support that Democrats in tight races could vote against it and use it to blame the Republicans. She failed miserably, something we are getting quite used to.
Meanwhile, the market is bouncing back admirably from yesterday's setback.
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