Earlier this week when the House defeated the Wall St. bailout, I thought we might be glimpsing a populist uprising. Wrong!
According to NPR, the U.S. House just passed a $700 billion financial rescue package by a vote to 263-171, paving the way for the government to start buying up troubled assets from financial institutions caught on the wrong side of record home foreclosures.
Rep. Michele Bachmann (R-MN) is against the bill. Treasury Secretary Henry Paulson “pulled the fire alarm and cried fire, fire from the roof,” she said on CNBC. The Senate’s version of the bailout bill is nothing more than a dressed-up version of what she voted against Monday, Bachmann said.
“This doesn’t address the fundamental problem of the credit crisis,” she said, adding that she had not changed her mind and was prepared to vote against the plan. “Coming down the road for the next few years, we may rue the day that this passed.”
