theater of the absurd and my concerns (for what it is worth)
monday morning: willard (mitt) romney says on national television, that if it wasn't for john mccain's leadership, the bill would have failed and if you want to see what real leadership looks like, then all you have to do is look at john mc cain and how he got this bill through congress.
monday afternoon: bill fails when republicans vote against it.
monday afternoon: john mc cain blames senator obama for bill's failure and then says this is no time for "blame game."
monday afternoon: rep. cantor (r) says that they (repubs) were going to vote for it but were offended when nancy pelosi made a speech saying it was george bush's economic policies that got us here.
monday afternoon: barney frank (d) says if the republicans will give him the names of the supposed 12 who switched their vote, he will go and speak to them in nice way.
so, what we have is a republican party who has no leader:
john mc cain could not bring them together.
george bush could not bring them together.
the whip (republican leader of the house) could not bring them together.
what kind of "leadership" is it, when your own party won't follow you.
NONE of the arizona house republicans voted for the bill. that is how highly they think of john ("i made this happen") mc cain.
theater of the absurd.
understand something here: i am still not sure if this bail out bill is a good idea! i think congress needs to spend more time listening to economists from the entire spectrum of political philosophy. i think they need to address the bigger problem of jobs before they bail out wall street and the banks. i think more regulations must be put on "wall street" so that this does not happen again. BUT i am not any kind of expert and there are good people on both sides of the aisle in washington who say that we MUST do this and do it now and maybe, just maybe, they do know what they are talking about. our market dropped 777 points today, the biggest POINT (but not percentage) drop in HISTORY. world wide markets are tanking as well, so maybe, just maybe, they are right.
however there are several problems that are not being addressed and these problems affect each and every one of us who are not millionaires.
a. we, as a people, are in debt up to our eyebrows and they are saying we need this bailout so we can borrow more money. hmmmm
b. they say that housing prices must "stabilize" so homes will start selling. yeah well, housing prices are still artificially high thanks to the sub-prime mortgages, which led to the incredible and incredibly stupid run up in prices from 02-06. MOST HOMES ARE SOLD TO MIDDLE CLASS PEOPLE BECAUSE THERE ARE MORE MIDDLE CLASS PEOPLE THAN ANY OTHER GROUP. WAGES HAVE NOT GONE UP IN THE PAST 8 YEARS, SO WHEN YOU RAISE PRICES BEYOND WHAT THE MIDDLE CLASS CAN AFFORD, THEN THERE IS NO WAY THAT THEY CAN BUY. duh. home prices do not need to stabilize, they need to COME DOWN SOME MORE. duh. hmmmm.
c. we have lost 600,000 jobs this year and millions overall since bush came into office. if there are fewer middle class jobs, then there are fewer middle class people to buy all these homes. since most middle class people are now afraid for their jobs, they are holding back from making big financial expenditures. EVERY DAY, WE ARE LOSING MORE JOBS, SO WHO IS GOING TO BUY THESE STILL OVER-PRICED HOMES?
d. if we put all this money into wall street, it means we have "printed" more money, which leads to higher inflation and if inflation takes off (and it is already much higher than washington admits), then how are people going to be able to afford to buy things?
e. what is obama's plan to get us out of this mess? what is mc cain's plan to get us out of this mess? NEITHER OF THEM HAVE PUT FORTH A COHERENT PLAN. THIS IS NOT LEADERSHIP AND BROTHERS AND SISTERS, WE NEED SOME LEADERS RIGHT NOW. maybe more than at any other time since world war II.
i am obviously a person of the left, but more than that i am an american and a middle class american at that. i worry about our country and it is OUR country, it is not a republican country nor a democratic country. we have millions unemployed and millions losing or who have already lost their homes. our financial markets are in shambles, inflation is rising, international markets are in shambles and no one has a coherent plan to get us out of what is obviously a very grim situation. if a republican comes up with a good plan, then i am for it. if a democrat comes up with a good plan, then i am for it... and I SURE HOPE EVERYONE IN AMERICA FEELS THE SAME WAY.
it is a mess that was caused, in part, by the deregulation policies of the republican party and there is no way they can weasel out of that but democrats have some guilt too because they did not fight nearly hard enough to stop the deregulation and did not try hard enough to bring their concerns to the american people. but and this is a big BUT: it doesn't really matter at this very minute whose fault it was; the problem is here and it is here now and we MUST do something and we must do it NOW. and the key word in the above sentence is WE.
that's all for tonight. peace to us all.