Today, politics reigned supreme. Today, the need to insult, denigrate and win elections triumphed over the need to govern well. Today, the Dow was down another 778 points causing the loss of roughly 1.2 trillion of dollars of American wealth. It was wealth that was in 401k retirement packages and our banks. It was wealth that allowed us to buy houses and cars. It was wealth that allowed for credit cards and Christmas presents. It was the wealth that funded business loans and created jobs. It was wealth. Now, It's gone.
We had to act quickly. We didn't. All of the protests that this bill wasn't perfect are surely correct... and completely irrelevant. We've now let this go on long enough that by the time we might have a perfect rescue there will be nothing left of the economy to revive. In this case even a bad plan was better than none at all. Everyone who voted against it for political and ideological reasons should be ashamed of themselves.
There's plenty of blame for both parties.
The Democrats did not take this crisis seriously and spent their time packing a simple 3 page (thank you Ariel) bailout plan with so much random and unneeded drivel that the final bill was over 300 pages long. Then Speaker Pelosi gave a speech this morning saying that the crisis was entirely the fault of the Republican party, George Bush and big corporations. This not only alienated the Republicans who were set to vote for the bill... but emboldened Democrats to vote against it for the reasons she laid out! It was a petty attempt to score political points at exactly the wrong moment. Can we safely say now that Pelosi is in the running for the singularly worst congressional leader this country has ever had? She's a wreck!
The Republicans suffered from a lack of backbone and a fit of pique. Yeah, Pelosi's speech was gallingly offensive. But, Republicans should have voted for the bill anyway. It was irresponsible to let that legislation fail. It was immature to stick it to Pelosi with a no vote just because she gave a petulant speech. That little protest's cost was remarkably too expensive. The other Republicans who failed to act cited a constituency uprising. People were shell shocked by the 700 billion number. It's a bunch of money! Never mind that most of it would likely be repaid. Never mind that doing nothing would cost more. Never mind that the financial sector of the economy underpins everything and its failure will hurt every person on the face of the earth. The Mob responded emotionally and called their congress(wo)man to make sure that they didn't have to pay. This response is short sighted and down right ignorant. We have a representative system to make these far-sighted policies precisely because the Mob cannot be trusted. As it happened many congresspeople failed to lead when leadership was needed most andthe Mob forced itself and everybody else to pay much more than a measly 700 billion to cover their lack of courage. Those Republicans and Democrats who calculated that they wouldn't be elected if they voted for this bill are profiles in cowardice. They knew better and selfishly shuffled possible economic ruin onto everyone else so they might come back in the winter and continue their failed political careers.
At this point the damage is done. The only package that would make a difference now would cost far more than 700 billion dollars. There's no reason to bail out a sunken ship. I'm now of the opinion that the market really is now the best corrector of this mess. It was a market failure, we had a chance to mitigate its effects and our leaders failed us. I'm convinced that the time has past and at this point government action will do more harm than good. Our leaders from both parties fiddled while wall street burned... I think I'd rather not suffer the insult of them watering the ashes. It's time for us to take our lumps and rebuild again.
1.2 trillion dollars out of everyone's pocket today. I wonder what will tomorrows toll be?
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Alright, I'll take the bait here, Fryer, and toe the Democratic line besides. It was hardly "unneeded drivel" being packed into a $700 billion proposal that was, in fact, three--not even thirteen--pages long. Suggesting that such a major proposal have an oversight panel rather than a single person in charge, and that it result in the government receiving equity stakes in the companies being bailed out, strike me as eminently reasonable concerns in the face of such major action, ESPECIALLY when the party expressing those concerns is trying to save the ass of an administration of the opposite party, even as the administration's own party rejects the plan. I can certainly understand the calculations of many who voted against the bill, expecting that the country would benefit from its passage while they managed to hold the moral high ground of "fiscal conservatism," but they look mighty selfish right now. Your point about Pelosi inadvertently providing cover to Democrats seeking to vote against the bill is well taken. Still, a little understanding? Passing this bill was bound to be a pretty thankless task for any party, since the most you can expect out of a successful plan would be a lukewarm recovery over a long period, and if you managed to achieve that, everyone would simply believe that the bailout was never really a danger and you'd spent all that money for nothing. So at its heart, the bailout was the right thing to do for the country, but not for one's political career--hence all the people trying to free-ride on other people's votes for the plan. Any points she could score for the Democratic Congress in the eyes of the public were desperately needed.
I can't argue with the need for oversight. And the need for the government to be treated as an investor earning equity. I do argue with the inclusion of a bailout for individual home owners who can't pay their mortgages and for the assault on CEO pay. Those two issues should have been addressed in a separate bill so that this one didn't need to be cluttered with these two "wants" and could focus on the "needs."
You are a sorry son-of-a-bitch. But I fear you're right.
Your guys. My guys. Soemtimes if doesn't matter. Sometimes you just do what's right when it's right in front of your face.
Pelosi buys the grief for this one. All she had to do was back off . . . something I'm now convinced she's incapable of doing.
It is a sad, sad day for this country. I was in my advanced accounting class this evening and some students were yelling "no! no! no!" when the teacher asked if we thought the bailout should have passed. I ought to slap those people across the face for not better understanding the situation. Thank God I have an Economics degree and I will be my own CPA!
I am sadly disappointed by the actions of so many people today. Selfishness has certainly gotten in the way of many people with this situation. I cannot even begin to think where this will put our Economy now. I was trying to do my part and invested in some stocks today, but sadly I think I will be seeing lows I have never seen before. I cannot express how saddened I am to be seeing our country so self-centered and off-track, dragging the rest of the World with us. I have been an optimist all along with regards to the markets, but I may be wrong.
Tear.
Man, talk about an epic fail. I was watching this on CSPAN as it went down, incredible stuff. The Republican reaction was somewhat reminiscent of the Gingrich air force one debacle of 1995 only, you know, not costing the country billions of dollars. I watched Pelosi's speech live, and watched it again later this evening and think the Republicans were being pretty big crybabies about it. That being said I've had it in for Nancy Pelosi since the attempted Jack Murtha coup in 2006. She prettymuch sent a message that she would be a speaker more interested in keeping power amongst her circle than doing whats best for the American people.
Robert Reich has an interesting prediction for what might come next here for anyone thats interested: http://robertreich.blogspot.com/2008/09/stalled-deal.html
I have finally been able to look at some political publications today regarding the bailout, and it is just sad. I am sorry to that the two reps from Hawaii voted nay. What's a blue state worth living in if I cannot even expect my house reps to vote accordingly?
I would have to say Toby, you have started a fire for me...Nancy Pelosi is at the top of my list of politicians to loathe. I used to think it was great a woman finally rose to her highest seat in US political history. Now, I am beginning to think it was a bad idea. I am afraid I will be waiting a while for that one fine female to come along, who I can put in the oval office. Pelosi is an idiot for making such a ridiculous speech before such an important vote. I hope she doesn't get any sleep until the next bailout is passed. (Yes, I have managed to scrounge up some of my optimism, at least until tomorrow morning when the market opens. I am holding on to my seat!)
If "being unselfish and uninterested in holding power" is our new criteria for female political leadership, I'm afraid we may be waiting awhile for a woman to be qualified for the White House or the Speaker position, lady.in.waiting and Toby. Of course, we might also find it hard to vote for anyone who'd run, regardless of gender... what's that quote? "Anyone who is capable of getting themselves made President should on no account be allowed to do the job." :) Pelosi's got her problems, certainly, but it shouldn't reflect on women any more than President Bush reflects on men.
Pelosi's lack of leadership has nothing to do with gender.
I am sorry if I did not explain myself. I was merely expressing my disappointment with the quality of female candidates rising to the top of the political realm. I was not impressed by Clinton's run for Presidency, nor am I impressed by Palin. I agree with Toby, Pelosi's skills have nothing to do with her gender.
Oh--I'm sorry to have misunderstood, then. We just have honest disagreements about Nancy Pelosi's leadership capabilities; nothing wrong with that at all.
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