Monday, September 29, 2008
House Rejects Bailout Plan!!
This is great stuff. First the Democrats let the offshore ban expire, and now they don't ram through the Paulson Plan. Will wonders never cease?
I still think some version of this is going to happen, but I admit that I thought it was a done deal after the Sunday announcements.
I still think some version of this is going to happen, but I admit that I thought it was a done deal after the Sunday announcements.
Comments:
I have to admit, I was watching coverage of the debate in the house on C-SPAN and I was amazed at how many congressional republicans were standing up to say that regulation and government intervention can't be the solution for a problem caused by regulation and government intervention. It was heartwarming.
What really surprised me is how (apparently) clueless Pelosi is. I realize I might be biased by my Limbaugh-Hannity listening, but it seems she thought it was locked up when it wasn't.
Yeah. I was most surprised by the 95 democrats who broke from the party leadership to vote against it. From what i'm reading and seeing on TV, it seems like there's a strong faction of progressive democrats that want the money to go straight to the subprime mortgage borrowers instead of Wall Street. Do you think a plan that did that would have a fundamentally different effect on the economy or would it more or less do the same thing?
And in the darkest of hours, a single candle in the distance; but perhaps one that can be used to light another, and then another, &c.
Tokyo Tom,
Are you kidding? I couldn't even finish that Brooks article it was so ridiculous.
Do you agree with him, or are you just kidding?
Are you kidding? I couldn't even finish that Brooks article it was so ridiculous.
Do you agree with him, or are you just kidding?
I would say that David Brooks needs to take it easy on the histrionics and learn some economic theory...
" We’re living in an age when a vast excess of capital sloshes around the world fueling cycles of bubble and bust. When the capital floods into a sector or economy, it washes away sober business practices, and habits of discipline and self-denial. Then the money managers panic and it sloshes out, punishing the just and unjust alike.
What we need in this situation is authority. Not heavy-handed government regulation, but the steady and powerful hand of some public institutions that can guard against the corrupting influences of sloppy money and then prevent destructive contagions when the credit dries up."
seriously?
" We’re living in an age when a vast excess of capital sloshes around the world fueling cycles of bubble and bust. When the capital floods into a sector or economy, it washes away sober business practices, and habits of discipline and self-denial. Then the money managers panic and it sloshes out, punishing the just and unjust alike.
What we need in this situation is authority. Not heavy-handed government regulation, but the steady and powerful hand of some public institutions that can guard against the corrupting influences of sloppy money and then prevent destructive contagions when the credit dries up."
seriously?
Bob, I certainly don't agree with Brooks. Rather, my point was that those who pass as mainstream Republicans like Brooks can only wring their hands at the lack of leadership, having forgotten the old conservative views that strong central leadership is either counterproductive or masks a ripoff.
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