We, as Americans, are facing a turning point in the history of our nation. The current financial crisis stemming from toxic mortgages has already taken a steep toll on Wall Street and projects to affect the entire nation's unstable economy with little confidence it will recover on its own.
Yesterday, the House of Representatives had an opportunity to provide immediate relief to the financial sector in the form of a $700 billion bailout package, providing a concentrated influx of money to keep banks afloat while giving investors more financial confidence. This bailout was not without its misgivings, as $700 billion of taxpayer money is an enormous amount, and many argue the taxpayers are not the cause of the problem.
Voting to pass the bill was by no means an easy decision for lawmakers, and ultimately the bill did not pass because of several nay"" votes on both sides of the aisle. What is most striking about the final voting is that leadership from both parties supported the bill, as did both presidential candidates. Local U.S. Rep. Tammy Baldwin, D-Wis., voted to pass the bill, as did Janesville Rep. Paul Ryan, R-Wis., who is also the ranking member of the House Budget Committee.
Leadership from both parties negotiated the bailout, ultimately leading to a universal endorsement to pass the bill. Although House Minority Leader John Boehner, R-Ohio, called the bailout a ""crap sandwich,"" he ultimately decided to vote for the bill.
This could have been a shining moment in an otherwise dark time; leadership from both parties joined together and churned out a bill that, while not perfect on all accounts, provided much needed security to the economy. In the middle of a highly divisive and attack-laden presidential campaign, there was hope that Congress could come together at a time when America needed it most while forgetting the partisan tactics of the current campaigns.
All signs pointed toward bipartisan action, which would have been a breath of fresh air for Americans who were otherwise skeptical about Congress' ability to pass worthwhile
legislation. All hopes for such an action were shattered as Nancy Pelosi, D-Cal., strayed from her speech transcript yesterday morning to take unnecessary and damaging partisan jabs at the Bush administration, claiming this bill was designed to undo the trouble brought by his ""financial irresponsibility.""
In an equally childish move, Republican leadership blames Pelosi's partisan words solely for swaying swing Republican votes against the bill, admitting no guilt or accountability.
As a leader, Pelosi could have helped bring the two parties together in a diffi_cult and trying time in America. Instead, she furthered the gap between the two parties and our country paid for it. Her insubstantial rhetoric damaged America, and the stock market responded with the worst drop in history because of this bill's failure.
The partisan politics on each side are detrimental to America. As the next generation, we have the duty and the responsibility to come together when the good of the country is at stake as we did in the days following Sept. 11: making sacrifices when necessary.
Hopefully a new deal can be reached to shore up the financial industry and rebuild America's confidence. Moreover, we hope petty partisan politics won't get in the way of what America wants and needs: a stable economy.
