In brief: the failure of the bailout

[demiurgent]

It's surprisingly simple.

Neither major political party was willing to sacrifice the election to save the nation.

There is nothing more basic than that. Neither party would sacrifice personal power in order to save the economy of the United States of America.

My representative voted Nay. For the first time, I'm considering voting against her in November. I'm certainly calling her office tomorrow to express my deep disappointment in her.

For those who don't want to see the bailout of Wall street firms because gorsh, they's all rich and it's not fair? I hope you really, really enjoy the next ten years.

Comments

[booklegger.livejournal.com]

You need to read Ms. Shales' The Forgotten Man (http://www.amazon.com/dp/0060936428/).

Needless to say, if you think the collapse in 1929 caused the Great Depression by itself, you are delusional. If we can avoid passing a nouveau Smoot-Hawley we'll be fine by the end of 2009.

If we were really worried about saving the Economy, rather than saving Wall St., wouldn't we build a firewall? Wouldn't we be trying to intervene in the markets that need Wall Street, rather than trying to save Wall Street directly?

If the Fed, or the Treasury said, "Fuck it, y'all can sort yourselves out, we're getting into the commercial paper market, and we're going to undercut your rates" It'd be a more efficient use of 700 billion, more profitable, and it'd punish those that need it.