And it's bad for them. Because whatever happens from here, they will be blamed for it, and if there's a panic in the markets now, a lot of damage will be done very quickly. Bernanke and Paulson are right about that. Despite their purported wisdom about the economy, Republicans seem to be totally ignorant about this.
So, the progression will be something like this: Republicans block the bill, the markets panic today, and by Monday there are bank panics, by Tuesday the markets are extremely contracted when the president signs.
Up till now, there hasn't been any widespread panic, but the markets have actually been fighting gravity for months, gradually losing. Congress not passing this bill will take the lift out of the economy.
I should know very shortly if I'm right.
Apparently, House Republicans have revolted and have walked away from the President bailout plan. It looked like a deal was close to happening earlier today when several high level concepts was agreed upon.
Personally, I would prefer that the entire bailout process be slowed down somewhat if it all possible. The last time the congress jumped when the President asked them to, we got the fiasco call IRAQ. I'm somewhat skeptical. I'm just not convinced this bailout is needed now.
Could the current infusion of Presidential politics by the McCain campaign be causing this disarray? I think this latest gambit by McCain to suspend...but not really suspend his campaign.
Anyway...we have a serious economic problem and it's unfortunate that Presidential politics has now been infused into this issue. McCain should have known better.
McCain...too irresponsible to lead!!
He is there to make it impossible for Obama to lead. And if he pulls it off and Obama wins, Obama will last only 1 term.
Am I thrilled about a bailout.....hell no. But you really don't want to see the alternative. Credit markets will freeze. There will be no lending. Unemployment will be in the double digits. We may not end up in a depression, but we will give Japan a run for the money for the longest period of no growth.
I would personally like to bitch slap every single member of Congress, and Bush. After listening to the congressional hearing yesterday, I was reminded again of how ignorant and incompetent our Congress really is. Bernanke and Paulson have absolutely no marketing, communication or selling skills. I realize we are on the edge of a cliff, but at the same time, I have heard very little about the better than even odds that the Federal Govt will actually make money on this bailout. I know, the Federal Government and profit....one big oxymoron. We made money on the Chrysler and Resolution Trust Corp bailouts. The AIG is actually to the advantage of the govt.
If you are pissed about your 401K, IRA, and other investments dropping by 20% or more this year, get ready, because if this bailout doesn't happen, or is so diluted with partisan crap, you will lose another 20% w/in 6 months.
I don't care if McCain or Obama win. There will be nothing they will be able to do to alter a multi-year recession. This will make Carter's 4 year term a picnic.
What about Richard Shelby having gotten 44 highly respected economists and now more to agree that the bailout like Paulson wants will be more harmful.
http://politicalticker.blogs.cnn.com/2008/09/25/shelby-no-agreement/
Our SC SEN Jim Demint will not agree to the bill either .
-- Modified on 9/25/2008 10:26:09 PM
Why did God create economists? To make weather forecasters look good.
Spend a day watching CNBC. None of the so-called experts can agree on anything.
I think the Reps will come out ahead and MAC will be down in Oxford tommorrow night saying because of me we were able to hammer out a bill that uses less taxpayer money .
First, the only reason I am voting for McCain is because he is the lesser of 2 evils. The idea of Obama, Pelois & Reid (the trifecta from hell) running this country scares the shit out of me. I would never want one party to control the legislative and executive branches at the same time.
This bailout deal, although not perfect, was close to being approved, now McCain and a select group of Reps decide NOW not to support it. They should have kept Congress, Treasury and the Fed Reserve sequestered for the past week. No comments to the press. No grandstanding. Just get the fucking bill done. Just another example of government, at any level, is basically incompetent.
Sen Shelby and Jim Demint SC with others on the Rep side have been always been aganist it as I.
"I would never want one party to control the legislative and executive branches at the same time."
So, while Bush has been in the White House, have you been voting for democrats to represent you in congress?
Did you cheer when they took control of congress in '06?
Did you vote for Bush even though republicans controlled congress in '00?
I will say I voted for Bill Clinton in 96 mainly for that reason. A vote that I don't regret FWIW.
I hate having to align myself with religious whack jobs, especially living as you do, in the deep south. Until the Dems can come up with a candidate half as good as Clinton (Bill), which is ten times better than Obama, I'm stuck with the Repubes.
In the S&L bailout, the government obtained property to sell off. The only thing the government gets here is paper with formulas that NASA probably couldn't figure out.
No, we could kiss $700 billion goodbye. The only way the government could make this back is by imposing terms over the finance companies.
I agree with your bleak assessment of the economy, but if I were you, I would care if Obama or McCain wins. I wouldn't want President Palin to be leading during harsh times.
And it's bad for them. Because whatever happens from here, they will be blamed for it, and if there's a panic in the markets now, a lot of damage will be done very quickly. Bernanke and Paulson are right about that. Despite their purported wisdom about the economy, Republicans seem to be totally ignorant about this.
So, the progression will be something like this: Republicans block the bill, the markets panic today, and by Monday there are bank panics, by Tuesday the markets are extremely contracted when the president signs.
Up till now, there hasn't been any widespread panic, but the markets have actually been fighting gravity for months, gradually losing. Congress not passing this bill will take the lift out of the economy.
I should know very shortly if I'm right.
Did you forget? Your guys control BOTH houses. No one is talking about a filibuster here (which is the ONLY obstruction tool the Republicans have). The Dems don't want to proceed alone (with just Bush). The Dems are linguini spined weasels. Plus they will try to load up any bill with partisan pork.