The US House of Representatives defeated the mammoth bailout package for Wall Street this afternoon by a vote of 228-205.  The move sent markets reeling with the Dow Jones Industrial Average dropping over 700 points before recovering slightly.   Details are still emerging regarding the machinations of this coup against both Democratic and GOP party leadership, but it is clear that “No” votes came from both sides of the aisle in striking this record bailout package down.

Like virtually everyone following this unbelievably important story, I have had my share of doubts about bailing out an industry that got itself, and the rest of the country, into this enormous mess.   However after research and much reflection, it is clear that something desperately needs to be done.   The credit markets in the United States are on the verge of falling apart, with nobody having access to the capital they need to run their business, buy property or loan between banks.   In a system such as ours this is an untenable situation.   American needs free flowing credit - to qualified borrowers - in order to function.   It is as simple as that.   Striking down this bill is preventing a desperately needed package from helping to revive the economy.

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Now that the Democrats in the House have changed their minds in the face of what Nancy Pelosi called “the political climate,” they’ve passed a bill that allows drilling 50 miles offshore, which will now make its way to the Senate.

It was only a few weeks ago that “Ms. Pelosi was adamant that she would not clear the way for a House vote on new coastal exploration,” however increased Republican pressure and the whole expensive gas thing has made many Democrats, Pelosi included, attempt to reach a compromise.   As Pelosi said, if we don’t have something in the bill, it’s drilling three miles offshore.   The issue of offshore drilling is, says The New York Times, “an issue that has been a Democratic environmental touchstone since the 1980s.”

The bill passed the House 236-189, and allows drilling if states adjacent to the water approve of it.   Now it comes to the Senate, which, according to the Associated Press, “has no intention of going as far as the House in expanding offshore oil and gas drilling beyond the western Gulf of Mexico.”  The Senate may open drilling in the Southern Atlantic (Virginia, Georgia, the like), but seem disinclined to go to the Pacific or Alaska.

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The TakePart Top 10 Weekly Roundup is a compilation of the week’s most notable stories from our entertainment-meets-social-action blogging network. Check out some of our most popular stories of the week, as well as a few TakePart blogger favorites!

TakePart Gang:

Before He Was Indicted, Ted Stevens Was “Tubed” by Blair Golson

Strawberry Fields Forever by Wendy Cohen

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Nicole Hughes:

Green Video of the Week: Crazy Alien Plants

Fat Princess Video Game: The Joke’s Not Really That Funny

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Andy Kondrat:

Alaska’s Northwest Passage to Open For Second Straight Year

Stephen Colbert Interview’s Brendan Koerner, Slate’s Green Lantern

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Jon Popham:

L.A. Bans New Fast Food Joints

Flint Michigan Seeks Sponsors…For Police Surveillance Cameras

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Gina Telaroli:

Veganism in Ohio: Update #2, Photo Diary

An Apology for Slavery and Jim Crow? We Shall See…

The House of Representatives looks to be in the process of passing a non-binding resolution that would apologize for slavery and the “Jim Crow” laws. If it passes, it will mark the FIRST time any branch of the federal government will have apologized for either. That to me is somewhat crazy. Of course we didn’t apologize to the Native Americans until April of the this year - so it seems we’re doing a somewhat more timely job here.

For more on the specifics head on over to CNN or stay right here and watch the video below.. I found it on the Meerkat Media blog and given the recent increase in discussions of race and the story above, it couldn’t be a more appropriate time to watch it:

The video comes from Jay Smooth and Illdoctrine

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The House approved $20 billion in funds to help schools go green over the next five years, making them more energy efficient and lessening their environmental impact. The legislation goes to the Senate now after a 250-164 vote in the House.  Unsurprisingly, the White House threatened to veto the bill, stating that it was ill-conceived for the federal government to launch any new school building programs.

It should be interesting to see if this bill will make it through. Especially as supporters cite studies that green schools use 35% less energy than a conventional school, reduce carbon dioxide emissions by 40%, uses 30% less water and has better control over elements of the learning environment that influence student achievement such as temperature and lighting. [treehugger.com]

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The TakePart Top 10 Weekly Roundup is a compilation of the week’s most notable stories from our entertainment-meets-social-action blogging network. In celebration of Earth Day 2008, we made ‘green’ the major theme on the TakePart blog this week - green documentaries and television programs, Earth Day quotes and action activities, as well as some great film reviews. Check out some of our most popular stories of the week, as well as a few TakePart blogger favorites!

Katie Halper:

Top 10 Earth Day Videos From the Hub

Joanne Herring Invites You to “Charlie Wilson’s War” Screening Discussion - Free DVD!

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Nicole Hughes:

Top 10 Documentaries About the Environment

Top 10 Ways to Take Action On Earth Day 2008!

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Andy Kondrat:

Top 10 Quotes About the Environment

Disney Launches DisneyNature to Make Documentaries - I Freak Out

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Jon Popham:

B Corporation Takes the Guesswork Out of Going Green

Sea Level Rise Explorer

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Giulia Rozzi:

Oprah and My Mom Going Green

Green It. Mean It.

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Gina Telaroli:

Taking Part In the Blogsphere With “The Visitor” and “Standard Operating Procedure”

“The Soloist” Explores the Homeless and Mentally Ill With Grace and Music

Fox recently launched a networkwide public service campaign called “Green It. Mean It.” Leading up to Earth Day on April 22, the weeklong eco-themed campaign includes on- and off-air elements including promos starring Fox talent. Here is just one of the “Green It. Mean It” PSA’s:

Omar Epps and Lisa Edelstein from “House,” Emily Deschanel from “Bones” and Kelsey Grammer and Fred Willard from “Back to You” are among those who will offer “green tips” to viewers, and Fox affiliates are offered an “Are You Smart Enough to Save the Planet?” promotion to drive tune-in for a special two-hour “Are You Smarter Than a 5th Grader?”

and visit http://www.fox.com/earthday/ for more video tips on how to live a greener life.

The TakePart Top 10 Weekly Roundup is a compilation of the week’s most notable stories from our entertainment-meets-social-action blogging network. Several topics really stood out this week, including the Oscars as social advocacy inspiration, civil rights and Black History Month, and lots of hot news on entertainment going Green. Check out our most popular posts of the week on these subjects, as well as a few TakePart blogger favorites.

Katie:

Happy Belated “Freedom to Marry” Week!

Rosa and Raymond Parks: Valiant Valentine #5

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Nicole:

Top 10 Oscar Picks to Inspire Social Action

Cornel West: Black Thoughts On Black History Month

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Giulia:

H&M’s “Fashion Against AIDS”

Ed Begley Jr. Goes Green

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Gina:

Top 10 Best Picture Winners That Inspire

Remixing “Chicago 10″

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Kerry:

How To Set the World On Fire Without Burning Out

Eco-Brokers Cater to Green Homebuyers

Forget about granite countertops, three car garages and his “Ëœn’ hers master bedrooms; more and more realtors are catering to eco-conscious home buyers who want energy-efficient appliances and insulation and environmentally friendly building materials, according to the Wall Street Journal.

With house sales in a slump, being on the cutting edge of the green building boom gives “eco-realtors” an edge with those who are looking to buy–or sell–a sustainably designed home.

Hugh Morris, spokesperson for the National Association of Realtors, told the Journal that “interest in “green” properties has surged,” and he now “answers about five calls a week from realtors asking how they can get eco-friendly credentials, compared with none a year ago.”

Find out how environmentally conscious realtors are helping homeowners go green at ecobroker.com.