I live in a bubble over here. From my perspective the House vote should have been an easy one.
As I wrote to a friend last night:
If I were in congress this wouldn't have been a tough vote. "We take $700 Billion of assets that have already been written down 30-40%. After liquidity gets back into the market we sell them. At the very worse we sell them for $550-600 Billion... meaning the cost of the bailout is $100-150 Billion. It's more likely we will be able to sell them for full face value or more."
Essentially 40% of Congressional Democrats and 67% of Congressional Republicans are willing to risk a depression. And to think that 12 Republicans switched their vote because of Pelosi's speech? Please! Imagine that in another context, "The bombing of Pearl Harbor was bad. I should vote for war but Franklin Roosevelt wasn't nice to me..."
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