Republicans say "fuck the economy"

So the bailout plan has bitten the dust with less than one third of Republican representatives voting for government intervention to prevent widespread economic melt down.

Have they developed a new found distaste for feathering the nests of their chums in "Wall Street"? Sadly no. Republican Thaddeus McCotter explained why he voted against by saying "In the Bolshevik Revolution, the slogan was 'Peace, land, and bread... Today, you are being told to choose between bread and freedom. I suggest the people on Main Street have said they prefer their freedom, and I am with them."

That's right George W. Bush is advocating Bolshevism, God preserve his pinko soul.

When news of the vote, which was close at 228 to 205 (of which 140 were Dems and 65 Reps), broke there was an immediate reaction on the stock markets. "The Dow Jones industrial average recorded its biggest closing point drop in history, closing down 777.68 points — or nearly 7 percent" (1) Meanwhile the stock markets in France lost 5% and in Germany 4% (2)

So either the market is taking a nose dive because it's suddenly become an advocate of Lenin's April Thesis or it knows that without immediate intervention there could well be catastrophic consequences. Actually there could be pretty dire consequences even with the bail out - but at least this way there is a chance that if the rescue package can get passed when the House reconvenes on Thursday they could prevent a domino effect among financial institutions which would wreak havoc in every single sector of the economy.

To my mind it's actually much more likely that Republicans did not vote for this plan because of the fact that Obama's campaign had managed to ensure some vital caveats in the deal. Firstly, that there would be limits on executive pay for those who take advantage of the bailout and secondly that there would be proper oversight of the Treasury's implementation of the bailout plan. The New York Times also reports that the right hoped to tack in a suspension of capital gains tax to the bill but were unsuccessful.

The fact is that the Republicans opposed this plan, despite the fact that it does untold damage to Bush and McCain, because they'd rather capitalism burn than accept the idea that anyone has the right to hold the private sector to account. Years of Bush deregulation and playing poodle to the giant corporations has left these irresponsible morons completely unable to comprehend that if the government doesn't step in, in a measured and accountable way, there is going to be real trouble ahead.