Reprint: Nutjob Republicans and (a few) misguided Democrats defeat bailout bill

At this hour, even rabidly partisan forces in Washington are conspiring to find a bi-partisan way to rescue the bailout bill they torpedoed on Monday.  

But all they’re doing is framing it as a bailout for Main Street, proclaiming  that they’re acting now to prevent the meltdown on Wall Street from burning folks on Main Street. 

Specifically, their concern is no longer about this bailout providing golden parachutes for fat cats on Wall Street. Instead, it’s all about providing bank loans and access to credit for ordinary folks on Main Street to be able to run their Mom and Pop stores.

Now all indications are that this cosmetically enhanced bill will pass in the Senate today, and in the House tomorrow.  Alas, such is the ignorant, fickle and opportunistic nature of politics in America.

That said, I was surprised by the number of regular readers who e-mailed yesterday asking why I did not publish a commentary on the defeat of this bill.  Never mind that most of them just wanted to gloat over my prediction that it would pass.

I was surprised because, on Monday at 4:02 pm, I actually did publish a commentary as titled above. Nevertheless, given the worldwide interest in this ongoing crisis, I’ve decided to reprise it here in case you missed it too:

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Evidently, the lunatics are running the asylum – otherwise known as the US Congress. Because despite firm assurances from Congressional leaders that this bailout bill was a done deal, wackos on the fringe of both parties rallied to defeat it, daring the stock market to crash – as predicted.

The market obliged and plummeted today over 777 points – the biggest single-day decline in US history, surpassing even the 600-plus decline the day after 9/11. So let the credit crunch begin….

Now the blame game begins. But none is more puerile and incomprehensible than far-right Republicans claiming that they voted against this bill (“to save the US economy”) because their feelings were hurt by a few words Democratic Speaker Nancy Pelosi said just before voting began. And it’s not as if they have an alternative “rescue” plan to resuscitate this flat-lining economy. As Don King would say, only in America folks.

Meanwhile, this financial crisis is bound to hasten the demise of America as the world’s sole economic superpower, which of course is devoutly to be wished these days by people all around the world.

But am I the only one who finds it fateful that clueless (white) folks in Washington and on Wall Street are doing all they can to turn this country into a bankrupt banana republic just as voters are poised to elect the first black president of the United States…?

Apropos presidential politics, just hours before this bill went down in flames, John McCain made a speech boasting about how instrumental he was in getting the deal done and ridiculing Barack Obama for “sitting on the sidelines.” Ooops! Talk about “being out of touch.” If McCain has no clue what is going on in his own party, how can we expect him to know what is going on in the country, to say nothing of the entire world…?

Not to mention that this is the man who “suspended” his campaign and wanted to cancel Friday’s debate so that he could ride like the Lone Ranger into Washington to ensure passage of this bill. Although, admittedly, Palin as Tanto was not much help.

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Congress drafts $700 billion bailout bill

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