Pelosi Bailout Speech

Republican members of Congress have blamed the defeat of the $700 billion Economic Stabilization Act on a speech given by House Speaker Nancy Pelosi prior to the vote.¹ In the speech, given around noon on September 29, 2008, Pelosi blamed the economic policies of the Bush administration for the current financial crisis. The bill subsequently went down to defeat by 228 to 205 votes.

Fast Facts

1. Pelosi's speech blamed the current crisis on the free-market economic philosophy identified with the Republican party²
2. The speech compares the economy of the Clinton years that that of 2008²
3. Bill went down 228 to 205 votes
4. 95 Democrats and 133 Republicans voted against bill
5. Upon bill's defeat, Dow dropped 705 points
6. Republicans held a press conference, blaming Pelosi's rhetoric for the defeat¹

Quotes

"$700 billion a staggering number but only a part of the cost of the failed Bush economic policies to our country."²

"The claim to be free market advocates when it's really an anything-goes mentality. No regulation, no supervision, no discipline, and if you fail, you will have a golden parachute. Those days are over. The party is over."²

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