Congress to America: Drop Dead

I’m not sure I know how to react to the news today that the House of Representatives defeated the bill giving Treasury the ability to purchase mis-priced assets from the banking system.

Phrases like “short sighted”, “small minded”, and “Hoover like” come to mind to describe today’s vote. The most accurate is probably “scared”. Americans did not support this bill, projecting their anger over a host of domestic and foreign policy issues that they see as failures, and Congress reacted to that anger.

All that frustration came home in an uproar over what people saw as their money going to rich people out East. Worse, they had lost trust in the Administration and didn’t believe the description of the situation told to them, even though it was a vastly watered down version of the real crisis we face. Their Congressmen latched on to that anger and fearing for their jobs in November, they voted “No”.

They did the popular thing, and they did the wrong thing. Today as the market collapsed, $1.1 trillion was destroyed in falling share values held by Americans. That is much more than the $700 billion that Treasury requested. So we no longer have the $700 billion, and we lost another $400 billion. I can’t think of a better definition of “stupid”.

Americans don’t know it yet, they may never understand it, but when the layoffs, store closings, and governmental service reductions start they will be angry all over again, at someone else, when in fact they could have prevented all this essentially for free. Some may bear the brunt of a bank failure that the government can’t handle. Let’s hope that the subsequent violence is contained.

The bad news is that the only good news is that this may well ensure the election of Barack Obama. Regardless of his paper thin resume and lack of fundamental policy specifics, one thing we can be sure of is that Obama will not shrink from spending his and our way out of the financial crisis that was made so much worse today. We’ll get Roosevelt all over again, and we will need him.

Personally, I always wanted to plant trees for the CCC, and I’m sure that new “Social Medicine System of America” will work just as well as Social Security does. There will be a lot of other, proably inlationary spending. The deficit will ballon, the dollar will crash. Rather than ushering in the beginning of the American Century as the New Deal did, this desperate explosion of social spending will herald its end.

Good luck Barack. America is getting what it deserves.

 


More from Dougist.com on the Financial Crisis

Are Americans worthy of being saved?

Comments of the current crisis

Comments of the current crisis – Regulation

Creative destruction, I hope…

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2 Comments

  1. Stez
    Posted September 30, 08 at 3:02 pm | Permalink

    The Oracle at Delphi, thousands of years ago, had inscribed above the entrance to her temple “Nothing in Excess”. This is a principle which can be applied universally. It embodies underlying ethics and morals that largely prevent the individual and citizenry from decaying. This principle does not heed ethinicity, language, or any other factors deemed “unique”. It can be applied to a hodgepodge of situations, whether it be immoral acts, binge drinking, watching too much television, whatever the case. Yesterday, this simple and elegant line was used to destroy and perpetuate the loss of livlihoods attained by “those who have”. For those in Congress currently taking the moral highground, this economic situation and voting against the “bail out” is the opportune moment to initiate an anti-wealth initiave. Those who have managed large banks and companies have indeed made themselves a living that is above what most Americans experience. The argument can be made that executives have done so by duplicitous means, ensnaring the average citizen into financial committment that was far above their ability to actually pay for their committments. I wish to say that yes, it is true. That is the nature of the beast. It is dog eat dog, brother against brother, blood for blood and by the gallon. I wish to say that to some extent, everyone has access to resources of knowledge, advisors, people to talk to about what money means, how to manage it, and the like. I wish that society has enough common sense to not get close to the maelstrom of economics without approaching it with prudence. But, to my dismay, this is not the case. What we have become are the endebted sheep to the financial lion. Now, there is no bear or bull. It is now our expectation that our government will herd us and keep us all together, suffering minimal casualties in an effort to never revert back to the 1930s. Congress has, in effect, decided to protect us from the so called ugly brokers and financial advisors while simultaneously sticking it to the Main Street folk. It is a hell of a time for Congress to decide to act in a way that reflects any sort of moral or ethical ideals. (and how convienent it is, with an election coming up, with the fear of being attatched to anything the current president does as election suicide) So in our time of need, who or what will stand up against the monsters of Wall Street? How will we ever protect our little pieces of what we have, now that the government has deemed them insignificant when there is an opportunity to stick it to the ones who pushed our pens across the dotted lines? “Nothing in Excess” is a good rule to live by, but not to just enact when it is convienent for your campaigns, Congress.

  2. Brandon
    Posted October 1, 08 at 2:19 pm | Permalink

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