Monday, September 29, 2008

Big Trouble in Little America


Who would ever think that the Dow Jones Industrial Average would ever plunge 788 points in a single day, or by about 7% of the Dow, because Republicans didn't give George W. Bush, a man who is to economics what Typhoid Mary was for public health, what he wants.

Has it gotten to this point? If George W. Bush, the lamest of lame duck presidents, doesn't get his way yet again, investors flee to Treasury securities and gold futures?

By a vote of 228-205, the bailout bill failed to pass in the House of Representatives. The breakdown: 133 Republicans and only 95 Democrats voted Nay whereas 140 Democrats and 65 Republicans voted Aye.

Typically, the GOP proponents of the bill put the blame for its failure squarely where it belonged: On Nancy Pelosi's slender shoulders. Despite the fact that Pelosi has been aggressively pushing Bush's bailout plan with the industriousness of a pimp with ADHD. Because just recently she'd criticized Bush's economic agenda.

And we all know how much pull Pelosi has always had with the 133 Republicans who'd opposed the bill for various and sundry reasons such as abandonment of party ideology (that of smaller, less intrusive government) and even, say the suddenly-pious, because it doesn't do enough to bail out the homeowners who were victimized three and a half years ago when they passed the bankruptcy bill.

1 Comments:

At September 30, 2008 at 5:40 PM, Anonymous Comrade Rutherford said...

I am against the welfare plan that was defeated yesterday. Anything Bush says he wants is automatically suspect.

No one is reporting today that after the welfare bill's defeat in the House, Bush ordered the Fed to hand out $630B in welfare payments to the exact same already-obscenely-wealthy corporate entities.

Unless the Congress passes a law that re-instates every federal regulation from the 1930s that the GOP has killed off, raising income tax on the wealthiest citizens to 90%, raising income tax on wealthy corporate entities to 50%, and raising capital gains tax to at least 50%, then whatever they do is just welfare for the rich.

And China ordered it's banks to stop buying US paper, so just who is going to bail out the bailout? Bush has hit the debt ceiling, and yet he's demanding several trillion dollars more in both welfare and war profiteering. This needs to be stopped, not rewarded.

 

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