Raise your hand if you have actually read the text of the Wall Street Bailout legislation voted down yesterday in the House of Representatives. That>"/>
Raise your hand if you have actually read the text of the Wall Street Bailout legislation voted down yesterday in the House of Representatives. That means all 110 pages of the bill. From Table of Contents to Sec. 303, the “Extension of Exclusion of Income from Discharge of Qualified Principal Residence Indebtedness”.
If so you’re probably in that rare sliver of the population which excludes all of your friends and coworkers, captains of industry and truck stop waitresses, radio talk show hosts, reporters and television talking heads. And no doubt a large number of Congress-weasels voting on the measure too.
As far as bills go, the Bailout legislation is chock-full of mealy-mouthed language and vague assurances meant to assuage the doubts of critics while covering the flabby asses of its sponsors.
After carefully perusing every section from the purchasing of troubled assets, foreclosure mitigation, executive compensation to the “coordination” with foreign banks, one can thank God, praise Allah and leave an offering to Odin that the Republicans in the House of Representatives finally grew a couple, listened to their constituents, and fought to kill this “crap sandwich”.
Congressional offices have been inundated by voters’ phone calls and e-mail messages in what is described as a populist outcry against a Wall Street hand-out.
If opposing a $700 billion dollar give-away is populist, color me Teddy Roosevelt.
Because supporters of this legislation have yet to adequately explain how this legislation would shore up the economy other than by shouting that George Bush has caused the economy to collapse and the sky to fall. So let’s throw money at it. Nor do they promise this will not lead to other bailouts like Bear Stearns, AIG, and Fannie Mae.
All the attention at the moment is focused on Speaker Nancy Pelosi’s "invective-laden" speech before yesterday’s vote. If Republicans have an ounce of common sense, they would run with it like Chariots of Fire. Campaign literature, television commercials, radio slots, speeches, trained wiener dogs, press releases and websites should all be proudly proclaiming “I opposed the Trillion Dollar Obama-Pelosi Giveaway”.
One hopes the TV commercials are being filmed right now. Cue the ominous voice-over:
“Barack Obama and Nancy Pelosi have received hundreds of thousands in sweet-heart contributions from Wall Street fat-cats. The same CEOs whose RISKY business practices have collapsed the Stock Market. Now Obama and Pelosi want to take $700 billion of YOUR tax dollars to bail them out…”
If you’re a politician, behind in the polls, facing a tough election campaign, a former Vietnam War prisoner-of-war to pick a random figure, and you want Americans to vote for you on Nov. 4, opposing the Bailout is probably the best way of guaranteeing victory. Outside of stuffing the ballot box.
The wonderful thing, not only is this the politically expedient thing to do. It’s the right thing as well.
The markets will rebound from this crisis. They always do. And in Asia and Europe, last night, their stock markets have already stabilized. One has a hunch that some bright boys in New York are going to wake up today, or tomorrow or soon, and make a killing buying up stocks from panicky investors.
The best way for this to happen is for a bunch of elected economic illiterates on Capitol Hill, who don’t know Adam Smith from John Maynard Keynes to keep their hands out of taxpayers’ wallets.