Written by isabar
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Tags: bailout

Tuesday, 30 September 2008

Neither side wanted to blink first, so in the end 133 Reps and 94 Dems voted against the rescue plan. Maybe these legislators just couldn't approve a $700 billion dollar bailout after they heard us screaming bloody murder all week.

"Why should we bail out Wall Street fat cats and also give golden parachutes?", "Why should we use $700 billion to buy bad paper", "Where is that money going to come from?" "Why should I pay for somebody else's fiscal irresponsibility?"

But I also heard some Republicans complain bitterly about a certain memo sent by Nancy Pelosi that upset them enough to change their minds about voting for this bill. I didn't see the memo, so I don't know how offensive it was. But, does that mean that if these guys were the fire department, and my house was on fire, hurt feelings alone would cause them to keep the fire engine in the firehouse?

Only time will tell if George Bush, the boy who cried Wolf, was right about the urgent need to pass this bill. Either these legislators can't trust him, or it's political suicide to follow his lead. All I know is that we're smack in the middle of all of this. Will we pay the price? And if so, how high?

With the passing of this bill, President Bush wanted to "send a strong signal" of confidence to markets here and abroad. The only signal I saw being sent by Congress today was a middle finger, perhaps to the President.

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