Monday, September 29, 2008

Financial Meltdown - 9/29/2008

Wow! What a day on Wall street and the Capital! Here is the vote tally:
FOR the Bailout:
140 Dems
65 Reps

AGAINST the Bailout:
94 Dems
133 Repubs.
The nays have it.

As you can see, if the democrats were more united, they could easily have gotten it passed since they has 65 Republicans on their side. But Nancy Pelosi poison-pilled it by being totally partisan and blaming the Republican White house on everything! Even though it came to a head under the watch of the Democratic Congress and most everyone agrees that the Federal Reserve Policy of low interest rates cause the housing bubble that led to this fiasco. Rather, than lead at the crucial moment when every vote was needed to pass this staggering $700 Billion bill, Pelosi thought she could play partisan politics with the Republicans and still get her way. Just watch the first couple of minutes and tell me she wasn't being partisan.

She fails to mention anything about 9/11/2001 as a possible cause for anything related to the budget.

As it turned out, "Main Street", as the media calls it, was overwhelmingly against the bailout and they made sure their congressman knew it. Since all spending bills must constitutionally come from the House of Representatives, the representatives did their job Representin' and defeated this bill. Give it up for the US Constitutional form of Government!

Here are some things that stick out in my mind about this whole drama that has been playing out for the last week.

Democratic Representative Barney Frank was showing indignation last week because the Republicans had the nerve to propose an alternate plan after the "leaders" already agreed on the massive spening plan. Well, excuse me Mr. Frank. But we are talking about spending or rather printing $700 BILLION dollars! I'm sorry I couldn't come up with an alternate plan a day sooner for your taste. Did it interupt your dinner plans? Hello? $700 Billion Dollars! Are we on the same planet?

Flooding the economy with that kind of free money will only further devalue the already meager dollar. At what point does the Federal government say what most everyone else has to say in their lives every day. 'We just can't afford it'? We are already living on borrowed money. Deficit spending. We just don't have the money for this. Sorry. We are fighting two wars, paying billions already in interest on the National Debt; my pockets are empty.

I'm willing to ride this out even if the value of my house goes down. So, why can't you?