September 29, 2008 Frank "appalled" to think Pelosi's speech made GOP switch Play video

(NECN: Washington, D.C.) - The House has defeated a 700-billion dollar financial industry bailout package, despite urgent pleas from President Bush and congressional leaders from both parties.

Rep. Barney Frank D-Mass. says that Congress has been working very hard for a bill to pass in House. He says, "Many of us have been trying to tell the Secretary of the treasury, that he had to have two things in mind. One, what would work given the psychology of Wall Street, but, two, what would pass the House." Frank acknowledges that he thinks one of the problems is that Paulson did not fully accept that.

When Frank was asked whether Pelosi's floor speech ruined the bill's chances, he said that he was appalled and it was an accusation against his Republican counterparts, that he wouldn't even think of making himself. He says it would be hard to believe that those 12 people would want to punish the country because Pelosi hurt their feelings. He then made an offer to them. "Give me those 12 names and I will go talk uncharacteristically nice to them, and tell them what wonderful people they are, and maybe they will think about the country."