Paul, Pelosi, and Moore on the financial bailout

According to the House Majority leader Nancy Pelosi it was the Republican's fault that the bailout failed to pass the house this morning. Hmm, last time I checked democrats controlled the house and although more Republican representatives voted against the bailout package many Democratic representatives did as well. There were many groups on the left who also opposed the bailout package including MoveOn.Org and Michael Moore.

I'm against the bailout as well and think that Ron Paul provided a great argument as to why he's opposed to it. On the other hand Nancy Pelosi's floor speech didn't provide any good reasons why representatives should support it and possibly ended up costing the bill several supporters.

Ron Paul had been warning about this exact financial doom scenario for several years now and goes in to specific reasons why it came about.

Michael Moore, who also opposed the bailout had a very interesting analysis as to why the financial crisis is upon us. He steps right over a much more accurate reason why this crisis came about when he says:

This so-called "collapse" was triggered by the massive defaulting and foreclosures going on with people's home mortgages. Do you know why so many Americans are losing their homes? To hear the Republicans describe it, it's because too many working class idiots were given mortgages that they really couldn't afford.

I wouldn't call them "working class idiots" but I would say that thanks to GSE's Fannie Mae and Freddie Mac who the democrats refused to regulate and were creating a large share of the bad loans, many people who couldn't afford certain loans were getting them anyways. Instead, Michael Moore sees the underlying problem as being... (drum role please)

Here's the truth: The number one cause of people declaring bankruptcy is because of medical bills. Let me state this simply: If we had had universal health coverage, this mortgage "crisis" may never have happened.

Wow, what an idiot. I'm waiting for Al Gore to come out and say this financial crisis was all the result of global warming, and it's Bush's fault because he didn't sign Kyoto.