Monday, September 29, 2008

on the failure of the bailout

The bailout went down in the House this morning with enough Democratic votes against with the Republicans. It is rather amazing that the Montana echo in the House, Denny Living-off-the-taxpayer Rehberg, did not follow his esteemed leader's position but voted against it. Maybe it was for the best. At this point I would suggest that the Congress now look at other ways to unlock the bank credit lockup without having to bailout the Wall Street wealthy for their gambling. One way may be to look at making credit and money available to those banks that now can't get money and actually make the loans to keep businesses and farms operating. Seems to me that's what we are really looking. The U.S. can actually get away, I think, without the big stock markets as long as trades can be negotiated between brokers on line. It seems to me that putting the markets on line without a central point to amass gambling wealth they could be made more transparent and more easily regulated. If we were to bypass Wall Street, it might really be the best thing for the country and would help the Main Street far better than the bailout. I've really changed my mind on this since watching Paulsen on 60 minutes last night. He's scary.

Several people said on radio that Republicans and Democrats who are in close contested races are wary because their constituents are angry about the bailout of the rich. Certain minority caucuses came down against the bailout, possibly because of the number of far right comments concerning the laws that demanded that banks take chances on mortgages in more rundown areas or areas considered more risky. That was a no brainer then, and a no brainer now. If banks are going to take a chance they should be required to use the same standards in measuring a risk as they do in other areas. No wonder the minority caucuses and members voted no. They may have been afraid that the racists would prevail.


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