Barack Obama says to American people and markets, "don't panic". The much debated $700 Billion bailout bill has failed to pass in the House of Representatives. Both Democrats and Republicans are blaming each other for the failure to come up with a palatable bill. House Republicans seem to be indicating that the issue wasn't the bill itself, but rather a speech given by Speaker of the House, Nancy Pelosi (D-CA) which some claimed was overly partisan.
I lean more toward the explanation given by the Washington Post, which laid the failure of the bill at the feel of politicians worried about the public's reaction to their supporting the controversial bill and the possibility of their vote being held against them in November's elections.
What is more bothersome is that not only are these "leaders" afraid to coordinate their actions and take a stand, but the Republicans involved are trying to place further blame on a speech! A speech? If the crisis is so huge as to require $500 Billion, how can they let a speech stand in the way of action? In my view, it's not Pelosi who is being overly partisan here, it's House Republicans.