Bush, Paulsen, and the Democrats Defeated by House Republicans, 228 - 205

Bloomberg.com: Worldwide: "Sept. 29 (Bloomberg) -- The U.S. House rejected a $700 billion financial-rescue plan intended to restore confidence in the nation's banking system, dealing a blow to government efforts to contain a lending crisis.

The House rejected by a vote of 228 to 205 the measure to authorize the biggest government intervention in the markets since the Great Depression."

It's great to see that we still have people in Congress who actually speak for the people and not for their own personal interests. I am not going to pretend to be an expert in U.S. economics, but I do know that whomever we vote for and send to Washington has the direct responsibility to represent the interests of their constituents. When the overwhelming number of calls to the congressional offices are from people opposing the $700 billion bailout, these congressmen have the responsibility to represent their constituents' concerns. The only time lawmakers should deviate and go against the will of the people is in the event of impending doom and destruction that would be averted by a piece of legislation.

Obviously, this can't be the case with the $700 billion dollar bailout plan. In fact, President Bush and Paulsen have no way of guaranteeing that the American tax payers would get their money back or that this bailout would absolutely continue to keep the market afloat. Yes, there is a good possibility that this will help the market in the short term, and perhaps in the long term as well, but this is still a big gamble, and the American people knows that too. Therefore, the American people has every right to say no to Congress. If the people's opposition are ignored by their elected officials, then it is these elected officials who becomes derelict in their duties.

Thank God for the House Republicans who heard the people and made sure that their interests did not fall on deaf ears. The following video is a great speech delivered by Representative, McCotter on the floor today, on why he opposed the bailout:

U.S. Representative from Michigan, McCotter Delivering Floor Speech Opposing Bailout Legislation on September 29, 2008

Unfortunately, some people don't learn as some of the pressuring and arm-twisting continued well after the vote concluded:

FOXNews.com - House Defeats Wall Street Bailout Bill - Politics | Republican Party | Democratic Party | Political Spectrum — Stocks spiraled downward as much as 685 points on Monday as a $700 billion bailout of Wall Street ended in defeat in the House of Representatives....House leaders held open the vote as they tried to sway reluctant lawmakers to support the plan, which failed 205-228. Arm-twisting continued even after the vote clock expired. One member, retiring Republican Rep. Jerry Weller, did not vote.

Amy J.