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

[zoethe.livejournal.com]

The "additional help" to families was to be provided under the HOPE legislation. HOPE was almost completely worthless because it only provided help for families who were no more than 2 months behind in their mortgages. The rest of the assistance language in the bill is couched in terms of "encouraging" loan servicers to make modifications - in other words, it is without teeth. If I believed that it would actually help save homes, I would be much more in favor of it.

Don't get me wrong: I'm scared about what's going to happen. But I am not convinced that throwing another $700 billion after the $600 billion that has already been spent propping up banks is actually going to help up in the long run.