John Boehner: It Failed Because of Nancy Pelosi’s Partisan Speech
Nancy Pelosi hurt Republicans’ feewings, and so 12 votes that were needed to pass the bailout legislation were lost.
Here’s the speech that made Republicans feel bad:
“Madam Speaker, when was the last time someone asked you for $700 billion?
It is a number that is staggering, but tells us only the costs of the Bush Administration’s failed economic policies-policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system.
Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos.
That chaos is the dismal picture painted by Treasury Secretary Paulson and Federal Reserve Chairman Bernanke a week and a half ago in the Capitol.
As they pointed out, we confront a crisis of historic magnitude that has the ability to do serious injury not simply to our economy, but to the American people: not just to Wall Street, but to everyday Americans on Main Street.
It is our responsibility today, to help avert that catastrophic outcome.
Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city and town of the United States.
It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder to find jobs.
It is a crisis that never had to happen. It is now the duty of every Member of this body to recognize that the failure to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the financial security of millions of American families.
Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush Administration.
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