Well, get ready to run to the bank. Put your cash in the shoe box, and start investing in canned food, shotguns, and water. Make sure you have lots and lots of water, you’re going to need it. Things just got a whole lot worse, and now there really is no end in sight.
The 700billion dollar bail out is not going to happen. The House, Democrats and Republicans alike, voted against it. Some of them cited that they were afraid for their jobs if the bail out backfired. Others said it was because they were rebuking President Bush, and maintaining the “free market will fix itself” mentality that this bill challenged. There were even some allegations of hurt feelings because apparently Nancy Pelsoi said some mean and hurtful (read true) things about Bush and some Republicans.
I cannot believe this. I mean, I do not think it is the taxpayer’s responsibility to save multi-national conglomerates. But, it kind of is when those are the companies responsible for the economical health of our nation, and when those institutions get sick, it is up to the government for the people and by the people to try and heal them. However, it must be said, that measures (such as OVERSIGHT) need to be put in place to help prevent things like this from happening again. I can believe the bill was defeated, but I cannot believe some of the reasons given.
They’re afraid for their jobs? Why, because it’s an election year? Because they are afraid of making unpopular decisions. One might say, tough decisions. Well, here they made a decision, and it was to not resolve the issue at hand. They spent the weekend (and those guys never work on the weekend) to try and come up with a plan that could be agreed upon and implemented. And what happened? Nothing, except that the situation got worse, and it will just continue to get worse.
The idea of the free market fixing itself is fine and all, but only when there is something there to drive the market, and help it fix itself. What do we have in the market right now? Nothing. We have a rapidly declining housing situation, and we have a credit system that operates based on its ability to borrow more credit on credit. How does this make any sense? America needs to start producing things again. Get back into production and export, not just of intellectual properties, or fun internet sites like facebook and myspace, but actually making stuff.
Like anything. Get some blankets out there. Get some clothes. They’re called textiles, and we used to make quite a bit of them. Refrigerators, computers (as in whole computers, like the processors and modems and everything else, made in America from scratch, not just assembled from parts all over the world.) Medical equipment, whatever. Just start producing things again. That will give us something concrete to work towards and look at. Also, it would build a more solid foundation on which to base our economy.
These firms that are in trouble make (lose) money on things like real estate and the ability to lend and borrow money. Now land is a fine thing to get into, but why not develop it? Why not put something on that land, like community centers, affordable housing, construction plants?
I don’t know, but it is clear that something has to be done, and America has not been making enough tactile and empirical things in the last twenty years, or more, and it has come back to bite us in the ass. But why should we make anything, when we can just get it so much cheaper from China?
Anyway, back to the point of this post. These members of Congress voted against the bill because they are afraid for their jobs (40% of Dems voted no, and about 66% of republicans voted no, in case anyone was wondering). What, do they think that they will still have their jobs when things go from worse to downright terrible? They’re idiots, cowards, cronies, lackeys, kowtowers, and deserve to lose their jobs. Hell, I’d be for taking their salaries and applying it to social security or education programs. At least there it would be serving a useful purpose.