Some quick thoughts on the House failing to pass the financial services bailout legislation.
First, House Speaker Nancy Pelosi bears a great deal of the responsibility for failure to pass the legislation. Mrs. Pelosi hoped that she could get a lot more Republicans. Why? Because she never had enough of her own party to pass the legislation as presented.
The legislation was not good at all. Better than the Treasury Secretary, Henry Paulson, presented to congress. The conservative House Republicans were trying to make sure that this bailout, and let us not be confused, it is a bailout, would not completely at the expense of the American taxpayers. Of course the Democrat majority was trying to laden the legislation to help their allies, especially the left-wing housing activist group ACORN, patrons of the Democrat presidential nominee, Sen. Messiah Barack.
Maybe a little more bleeding by Wall Street will get both sides together and since we are told that "something has to be done", it will be done not the way that the Bush administration and congress tried to ram it through.
And, maybe the way that the government is doing something may work in the short run. Taking failing banks and selling them to stronger banks.
I for having debate and make sure that the legislation is decent, not just something because we are told something is better than nothing. That is how we almost got stuck with the "comprehensive immigration reform" bill scam. This is a really big deal and we need to have a serious debate, not a "crap sandwich" that may have been written on a cocktail napkin.
And one last thing.
When this is over, the federal government may want to get out of the mortgage business and stop forcing banks and other lending institutions loaning money to people and business that could never pay back. This is a reason why we are in this mess to begin with.
7 comments:
OK, so did you manage to cite the latest wingnut boogeymen?
Pelosi - check.
ACORN - check.
And correct me if I'm wrong, but you seem to be saying that part of the solution you favor would be to let the big banks buy the small bank.
That's actually one of the roots of the current problem. Does the phrase "too big to fail" sound familiar? And you want more and bigger?
As for your belief that the feds pushed lenders to make money available to brown people who can't afford homes - you've already fessed up to getting that little nugget from the Fillipino Hater, so we all know that's a crock of...crap.
I'm glad that there may be some time for folks to take a look at honest and viable solutions to this crisis. But I don't expect any contributions from the wingnut contingent in the House that helped torpedo this attempt at bipartisan legislation.
Dude, you really gotta get your information from sources besides Fox "news," wingnut blogs, and Rush Limbaugh.
many blessed thanks to miss pelosi for killing this bill... - yours truly the AMERICAN people!!!
Mr. Snarkle, you do not disapoint! You have the left talking points down pat! No, I am not focused on ACORN per se. Yet, they are part of the problem. One should not force someone to lend money to someone else that does not have the means to pay back the loan. It is too bad that has to be pointed out. It is too bad that some of the people participating in this WERE illegal aliens. Also, correct me if I am wrong (and I know you will!) but do not the DEMOCRATS control the House of Representatives? If so, why do they need ONE Republican vote? It is called, read carefully, C O V E R! The Democrats do not want to go down alone. Oh, you see, I do get information from many sources. I do not just depend on the DDBMSOWM crowd, NPR, PBS, the Obama Press, you still call it the Associated Press. Talk about a wingnut. You are a caricature of the left-wing wingnut!
I listened to the wailing and gnashing of teeth yesterday... and yet the sun rose and the market is up. Stocks lost $1.2 trillion yesterday - but was it really value or was it over value?
We heard all year how the value of the dollar was falling and that was bad, now it's rising and that's bad too? The price of oil rose and that was bad, but now it's falling and that's bad too?
I have a feeling that the longer it takes for the gubmin't to put together a "rescue" plan - without the world ending before they finish - the harder it's going to be to sell the American taxpayer on the need for Uncle Sam to "save the day."
Of course I could be completely wrong and living under a bridge in a month.
Great point, Kev! I wonder as well if the stock values were not over valued. But, that is the market. It is astounding that people who say that they are conservatives are willing to take the Paulson plan hook, line and sinker without any debate. Remember the "comprehensive immigration reform" bill-scam? Same thing. It is a crisis and we better pass it NOW, no debate. Please.
Wow. I really gotta meet these bankers who were "forced" to loan mortgage money to brown people; and who were forced to do it on such a large scale that the entire financial system is said to be at risk.
I mean, ya gotta admit, that's a lot of brown people, and a lot of 'forcing.'
I could give you a long list of why I'm pretty disgusted with many of the actions of the Democratically-controlled House and Senate.
That list would also include how often the repubs have demonstrated that they're quite incapable of governing, and that their blatant obstructionism renders them as little more than a bunch of poo-flinging monkeys.
But don't you think that something as serious as this should be a matter of concern to elected members regardless of their party affiliation?
The good news out of the fiasco of the past week is that there will surface some genuinely thoughtful and effective measures to address the fundamental causes of the financial crisis (and I do believe it's a serious one); and that McP.O.W. has demonstrated, to all who hadn't yet seen, just what an intemperate and shameless hack he really is.
Recent events also make clear what an absolute disaster Mr. Bush has been, for those who haven't been payng attention.
"[Snark,] You have the left talking points down pat!"
You could also say he plays the same cards.
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