Monday, September 29, 2008

The Bailout Dies ... For Now

A coalition of right and left managed to defeat the bailout. Hoorah!

Here's the roll call, where you can check how your representative voted. I am well pleased to see that mine, Democrat Earl Blumenaur, voted NO. Thank you Earl!

Dean Baker is making a lot of sense about this bailout and the shaky premises behind it:

the worst case scenario is that we have an extremely scary day in which the markets freeze for a few hours. Then the Fed steps in and takes over the major banks. The system of payments continues to operate exactly as before, but the bank executives are out of their jobs and the bank shareholders have likely lost most of their money. In other words, the banks have a gun pointed to their heads and are threatening to pull the trigger unless we hand them $700 billion.
Let them pull the trigger if they want to.

Meanwhile, the political parties are pointing fingers at one another over this -- a signal that there's a lot of election-year posturing going on and not a lot of sober policy-making.

2 comments:

Domestically Challenged said...

=o) I don't know which I am more pleased about, the NO vote on the bailout or the fact it appears I can once again comment on your precious, precious, blog! At least for now anyway...

Dale said...

DC, thanks! I'm glad IE is responding properly again. I didn't change anything, so I can't take credit.