The Bail-Out Bill Gets a Little Pwned of it's Own
As of a little over an hour ago, the Bail-Out plan that was to evolve into a trillion dollar rescue for investors and banks who intentionally sank their own ship- was DENIED. The house struck it down with force- a bipartisan effort that spanned the entire length of both parties. Apparently, morality still has clout in the highest legislative offices in the land! (Either that, or they’re up for re-election.)
From Fox News:
“There were 205 votes in favor of the plan and 228 votes against the plan with 1 Republican no-vote. There needed to be 218 votes in favor of the measure for it to pass.”
Nice job, guys! I, nor do I suspect many concerned citizens, expected this bill to be shot down, and I can honestly say I am glad it has been!
Stockmarkets here and in Canada are plummeting in response to the vote. This will certainly be chicken-littled to death, but it is a perfectly normal response to the current happenings. CNN is reporting that communications stocks are falling faster: Share of Cable Companies Fall.
And meanwhile, our good buddy Obama is calling to “get this bailout done”.
Obama called for calm as Congress struggles with reaching consensus on a bailout — a mood that is not felt in the markets today — but also repeatedly told voters it was an “outrage” that the Republican “philosophy” of deregulation and trickle down economics has led to this avoidable crisis.
I daresay, trickle down economics has nothing to do with this. Deregulation, yes. He also blames McCain for voting against more regulations in trading and investment. But, this is misleading, because what McCain supports is Capitalism. What needs to be regulated is loopholes created to allow abuses in our markets, ESPECIALLY in the private sector. It is certainly not “deregulation” as a whole that has contributed to this mess. In fact, I would go as far as suggesting, as Dr. Ron Paul has- that a good deal of the current mess we’re in is due to previous government interventions.
The problem is that certain investments and hedge funds have been allowed to pillage, and banks have been allowed to step outside the realm of sensible economic… It is not deregulating, or removing government controls on trade- doing anything to the contrary is NOT capitalistic and NOT democratic. What needs to be fixed are the gaps and holes. Furthermore, Obama has no room to talk, or mislead anyone into thinking he is a champion of a “populist” “for the people” economic cause. The people who are responsible for this are the same economic crooks that prop up Obama’s campaign bank account. No wonder he’s supporting the bail out!
