The full text of Speaker Pelosi’s controversial speech today is available here. A more partisan and divisive speech could scarcely have been given. This is a textbook example of how to alienate fence-sitters and shatter a fragile bipartisan coalition.
Pelosi blasted Republicans for relying “on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system”. No mention, of course, about the Democratic role in encouraging massively irresponsible lending by Fannie Mae and Freddie Mac, which is what got this whole mess started.
Pelosi blasts the “failed economic leadership” of the incumbent president, while denying any role of her own party. Personally, I would have had no hesitation voting for the rescue plan today, but I can certainly understand why a GOP fence-sitter would have been negatively influenced by her speech.
Using this worst possible choice of words, Pelosi may have paved the way to a much larger economic disaster. I hope not.