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

[richm90071.livejournal.com]

The supposed "lockup" may be a sham. Toward the end of this article (http://www.bloomberg.com/apps/news?pid=20601087&sid=aNKGD.bJwmRA&refer=home), an economist says "I suspect that part of what we're seeing in the freezing up of lending markets is strategic behavior on the part of big financial players who stand to benefit from the bailout."

[snowspinner.livejournal.com]

Indeed, the market behavior changed when the rescue plan started getting dangled in front of it. Which is natural. However, credit was locked before the rescue was floated, so it doesn't really explain the data adequately.

[richm90071.livejournal.com]

Credit markets to Washington: Bailout isn't enough (http://biz.yahoo.com/ap/081003/credit_markets.html). "After House OKs bailout, credit markets tighten on fears the plan isn't enough to help economy"