Stocks Fall 700 Points, Pelosi Calls Recess

As stocks fell by over 700 points as a result of the failure of Nancy Pelosi's House to approve a fix to the nation's banking and mortgage crisis on Wall Street, the Speaker placed the U.S. House of Representatives on recess until Thursday.

It is unclear at this point as to whether the purpose of the recess was to allow the vermin to crawl back into their holes to lick their wounds or for them to regroup.

Pelosi had already referred to House Republicans who balked at the Democrat-Bush plan for a massive bailout of Wall Street as 'unpatriotic.'

I suppose she thinks the overwhelming majority of the electorate who oppose the plan is also 'unpatriotic.' This comes from the San Francisco liberal who embraces such 'patriotic' nutcases as Code Pink.

Pelsoi, Reid, and the Democrats in both chambers of Congress are on precarious ground as they have placed their reputations on the line with an enraged electorate that believes the dirty scoundrels in Congress are just as much to blame for the Wall Street fiasco as the CEOs of the companies in trouble.

House Republicans, who vehemently objected to the bailout measure, received enough concessions to cause many to vote for the amended plan, but it was not enough to gain approval of that plan. Many within the GOP are still outraged that 250 billion of taxpayers' money was still going to be given upfront to Wall Street firms.

The GOP held out for an insurance program and loans rather than an outright bailout. But Democrats would not agree to such a plan.

The Senate takes up the debate on Wednesday of this week, one day prior to the end of the House recess. Perhaps during the Senate debate we will see just how much the politicians have been listening to the voters.

If Congress would but cut back the capital gains tax, allowing for an immediate flow of cash into banking systems, and approve loans and insurance for ailing companies--programs that the companies would have to pay to be part of, and of course loans that the companies would have to repay--then not a single dollar of taxpayers' money would be risked for the fix.

This, I believe, is a plan that would work and that the American people would support.