Word: defeat
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...news stories have a narrative element, and that they should not be read naively as if they were transparent windows through which readers can enjoy a perfect view of what actually occurred. To illustrate my point, I described the coverage of the Battle of Brandywine, in which an American defeat was construed as a victory, although according to some it had cost Washington his life. I was not trying to disparage journalists, my brother least of all, by arguing that they make mistakes. Nor was I asserting the superior accuracy of historians. I was arguing for the importance of reading...
...spent in partisan fury and recriminations: Democrats blamed Republicans, Republicans blamed the Dems, the House blamed the Senate, the Senate blamed the House, John McCain blamed Barack Obama, Barack Obama blamed - well, you get the picture. Only one player remained relatively restrained in the aftermath of the defeat, which led to a 777-point free fall for the Dow Jones industrial average, the largest single point drop in history, and a market loss of $1.2 trillion. "We're not going to play the finger-pointing blame game, which is what today devolved into," sniffed White House spokesman Tony Fratto...
...main reason for the defeat was opposition from House Republicans, two-thirds of whom voted against the bill, despite the fact that it was conceived by the Bush Administration and supported by their presidential nominee, John McCain, who had suspended his campaign last week to return to Washington and work on the package. By comparison, 140 Democrats, some 60% of the caucus, voted...
...surprisingly, given the market's quick negative response and the general atmosphere that pervades Washington, both sides were quick to point fingers. House Republicans charged to the microphones to blame Speaker Nancy Pelosi for the defeat, saying that at least a dozen of their members switched their votes because they were offended by the partisanship of a speech she gave on the House floor. Democrats scoffed at that excuse. "Think of this: Somebody hurt my feelings, so I am going to punish the country," said House Banking Committee chairman Barney Frank, a Massachusetts Democrat who had been...
Both houses of Congress had been scheduled to adjourn this week until after the election. The defeat of the bailout plan means that everyone is likely to be back at work later this week. The question is what the markets will do in the meantime...