September 29th, 2008
03:17 PM ET
6 years ago

Cafferty: Failed bailout = incumbents out?

The Federal Bailout plan did not pass through Congress.
The Federal Bailout plan did not pass through Congress.

All weekend we heard the phrase, "We're making progress." Today, we were assured that House leaders had the votes to pass this humongous bailout bill to save the economy from a meltdown. We should know better.

When the roll was called, the necessary votes were missing. Wall Street was like a yo-yo on a string. At one point, the Dow was down more than 700 points. And it all happened despite the efforts of John McCain to anoint himself the savior of the bailout package. It turns out members of McCain's own party balked at voting for the bailout in the house.

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