The House just voted down the bailout. Bam! Luckily, I had Veuve Clicquot on ice for just such an occasion.
TV punditocracy is saying the Leadership didn't work hard enough to sell the bailout, and people don't understand this will affect their ability to get loans, etc. While few people truly understand the bailout (I don't), I think most understand there is a serious crisis looming. People are pissed at these fat cats who have been gorging themselves the past eight years, and I think many feel the satisfaction I do at cutting our nose to spite the gluttons' face. We'll see if businesses can't meet payroll because of this, but gauging from Drew Pooters, unpaid labor doesn't cause enough of a stir in this country.
Two cents: there's no guarantee this thing would have worked. If the system stinks, why would this do the trick? And if it didn't, how many more trillions would we throw in the hole? And what about inflation? And the debt?
Congress should cancel its vacation and take the time necessary to figure this thing out. The markets will wait for them.
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3 comments:
"there's no guarantee this thing would have worked"
There's no guarantee that anything will ever work. We all willingly believe the "guarantee" that if we put our money in banks, our government will back it up. Believing in the US government's full faith and credit may take a bit more of a stretch than when you could redeem your paper dollars for equivalent gold, but we all do it.
"The markets will wait for them"
Irreparable harm has already been done to the status quo by this very public delay. While most Americans, like you, don't understand it, they do understand something shitty is going down. The willing suspension of disbelief that allows all us Americans - individuals, families, businesses, corporations, municipalities - to subsist and produce not on actual capital, but the PROMISE of future capital, is what keeps this crazy machine going. The more people start paying attention, the more they worry, and the more they worry, that suspension of disbelief becomes a little tougher and a lot less willing.
Financial crisis or existential crisis? I'd rather just spend the $700bn, thank you.
Crisis? What crisis? I haven't seen any hoovervilles. We don't even have a deficit.
Open your eyes, you east coast frappucino elitist. There are existential hoovervilles popping up all over America right now.
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