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

[docstrange.livejournal.com]

I agree with you. I want a buy-up not a bailout. What's that mean? A buy-up of questionable assets so the banks can get on with banking, a long holding period, and resale of the assets left standing in X years, at a profit. That is what the "bailout" plan is at heart, and it would probably do the country a lot of good.

What I don't expect is for the gov to hold the assets long enough after they start looking like the bad bits have shaken out. I expect both parties to have their backers start slavering over the unrealized potential, and call for early sale under the rubric of miscellaneous political mantras.

Got to say, our senators did make me kind of proud this time around. Your rep and mine... not so much.