I don't ever remember an issue where there seems be this level of uncertainty from all corners. Let's face it, this is a difficult issue. I have spent hours reading economists from the right, left and middle, and I still not sure what to think. Just wrapping your head around "credit default swaps" and "derivatives" is enough to my head hurt. A lot of people I trust a for it. A lot of people I trust are against it.
I definitely think we need to do something to secure the credit markets, that I understand. If credit dries up, businesses will not be able to acquire short term loans to meet operating costs. Loans for expansion and growth will be off the table. This could lead to a depression. Whether or not this is the bill, I don't know.
Daily Kos is keeping a running thread open with live coverage of the House deliberations. There is a lot of pressure from party leaders on both sides to get this passed through. Public sentiment seems to have shifted slightly to more in favor of the bill than it was last time. I think the 777 point drop in the Dow might have had something to do with that. Also a lot of the Representatives are facing tough elections back home and want to get something done so they can get back on the campaign trail.
Last week the vote was 228-205 against. Daily Kos is keeping a running tally of those who have switched sides so far.
Switchers
Howard Coble (R-NC)
Zach Wamp (R-TN)
John Lewis (D-GA)
Bill Pascrell (D-NJ)
Gresham Barrett (R-SC)
Judy Biggert (R-IL)
David Scott (D-GA)
I will update this post as we know more. I am especially interested to how the Mississippi contingent votes this time.
Update: The bill passes with at least 250 votes as of 12:15. I will get an exact vote total as it becomes available on the internets. Chip voted for the bill. I have not heard about Travis, Bennie or Gene yet.
Update 2: Final vote 263-171. Gene, Bennie and Travis all voted no. Chip voted yes.
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