Why Republicans Voted Against The Bailout Bill

Sure, a lot of it was pragmatic politics -- the bill was unpopular, they are running for re-election in close races, they voted no to bolster their campaigns. The Assoicated Press said it this way: "Lawmakers who had the most to lose risked the least.

Chris Matthews blamed John McCain's failed leadership.

But maybe something even deeper than any of that played a role. Perhaps it was because they couldn't let go of their belief in Voodoo Economics (aka Reaganomics). Suggests Harold Meyers in the Washington Post:

The proposal asked Republicans to acknowledge the failure of the market and the capacity of government to set things right. It asked them to repudiate their worldview, to go against the beliefs that impelled many of them to enter politics in the first place.

So as America experienced a financial crisis, House Republicans experienced a crisis of faith. And on Monday, most of them opted to stick to their faith, whatever the financial consequences for the nation.

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