Congress lives up to its 10% approval rating

George W. Bush has low approval ratings - right down there with Jimmy Carter - they both sank to 28%. Nixon’s approval rating was at 24% at the time of his resignation and Harry Truman left the presidency with an approval rating of only 23%.

With that background, it is easier to comprehend just how low the 10% approval rating of congress actually is. And now congress is living up to that rating!

Failure to act on an emergency financial bailout plan may push the rating down solidly into the single digit range!

Monday's crash and burn of the Paulson plan on Capitol Hill reveals a Washington elite that has earned every bit of the disdain that Americans have for it. This crowd can't even make sausage.

The 228-205 defeat reflects badly on all concerned, starting with the Democrats who run the House. The majority party is responsible for assembling a majority vote, and Speaker Nancy Pelosi (pictured) failed in that fundamental task.

Her scathing partisan speech blaming Republicans and the “failed Bush administration” was not a reason for Republican house members to vote no.

But it is indicative of the way she has governed for the past two years -- like Tom DeLay without the charm.

The cynics are saying Ms. Pelosi deliberately tanked the bill by giving 95 Democrats a pass, knowing failure would hurt John McCain, and given her track record we can see why people would believe it.

Barney Frank blamed the Republicans for failure to pass the bill. Congressman Frank needs to lay the blame squarely at the feet of House Speaker Nancy Pelosi for failure to lead. It could have passed comfortably if she could have convinced one fourth of the 95 dissenting Democrats to vote for the bill.

What next? One option is that Democrats will tell Mr. Paulson that they can pass his plan with more liberal votes, but that their price has gone up.

This would mean more of the tax, spend and regulate provisions that House GOP leaders stripped out before their rank-and-file headed for the exits.

These would only raise the price for taxpayers of the Treasury rescue and, if the equity provisions were too onerous, make the Paulson plan far less workable.

Now one wonders what failed Speaker of the House Nancy Pelosi will do to bungle the next bailout try and will there be a stock market left to save by then.

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