It is not that the so-called bailout is good, but where are the options? So far those opposing this action have not offered any reasonable plan to cope with this situation. Roll call vote.
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4 thoughts on “The House Rejects Bailout. Not good…”
The best option IMO is to let things settle down on their own. I seriously doubt anyone has the adequate knowledge to be able to solve this crisis, and using money like this may not help at all, and by implication, will in fact hurts things more than help.
Plus, no bailouts means corporations have to take on more reasonable risks.
The rejection is actually good, because the original bailout was tampered with to the point that it no longer resembles a working plan – and includes provisions for the government to go even further into financial areas of which it is not allowed under capitalism. The democratic leadership DISMISSED the republican contingency from the final stages of revision and wrote whatever they wanted. This is doomed for failure because 1) it oversteps the bounds of government in a unilateral fashion, and 2) the GOP will not support a bill which it was excluded from writing (the same would be true if the parties were reversed).
Ultimately, this is the democratic party’s way of covering up their dirty hands in the Freddy Mac and Fannie Mae scandals and the republican party is refusing to help them do so. It is not that there is the ignorance of the pressing need on behalf of the GOP that is the problem – i.e., they are not just throwing ‘hurting families’ under the bus – but the democratic leadership that is taking the long stretch to address a ‘crisis situation’ (remember, they have the authority of calling up votes and setting time tables for this legislation. What is happening between the two parties is that the dems are scrambling to save face while the GOP refuses to help them escape the consequences of their own actions and repeated lack of installing oversight for these companies.
That’s a short answer.
How about actually letting the market correct? The government has been using inflationary spending to float the economy for way too long.
So the best plan is no plan? Just let is ride?