Listening to Rush Limbaugh right now. This just in: The bail out fails. You better believe it... The polls all said the vast majority of the American public was diametrically opposed to giving 700 billion dollars money to failed financial practices. Come on. This is the first rule of free market! If you do good, you succeed and are rewarded with profits! If you do poorly, you fail and learn your lesson to never try that again... So please, someone, tell me how this bail out makes any logical sense? The Democrats under the Clinton administration (although it does reach to Jimmy Carter) pushed for forcing banks to make loans to low-income families in an effort to make housing "fair" for everyone. So all these banks jumped on board and gave loans to people who they didn't check to see if they could even afford paying the loan back... Fannie May and Freddie Mac would buy these loans from the banks and sell them around. Eventually, the housing market slows down and all these loans need to be collected on and BAM! Nobody could pay... One by one, the banks are folding, starting with Fannie and Freddie. Since the stock market is also driven mostly by investors borrowing money to pay for their shares, the very fabric of our capitalist free market is in danger. The loaning industry drives the economy... Now, personally, I believe that if you have to borrow money, then you're not supposed to have whatever you have to get a loan for. But my beliefs aside, that's what's happened.
In charge the Democrats wielding the solution to everything: Inject 700 billion dollars of tax payer money to prop up these failing markets so that borrowers can keep borrowing. Now, I'm not going to get into it all... Everyone pretty much knows what's happened since then. Partisan politics got involved (by the Democrats by allowing their Obamessiah to lead their side of the meeting) and the bill exploded over the weekend, so the Democrats all ran out and tried to pin the failure on the presense of McCain. (Who was, I might add, asked by Gary Paulsen (a Democrat) to come to Washington to rally the Republicans behind the bill.) The media jumped on the Democrat bandwagon and also pointed the finger at the Republicans as being the sole reason the bill failed on Saturday.
Let's completely ignore the fact that the Democrats have the MAJORITY of Congress right now. Remember the elections in 2006? When the Republicans were rooted out and Nancy Pelosi took her position as Speaker of the House and declared an end to the "culture of corruption"? Remember that? I said mentioned back then that the Democrats were complaining that Republicans were the reason that things weren't getting passed. That is, to be blunt, an all-out fabrication. A LIE. How can the minority possibly be the reason why you can't get things passed? If the Democrat party was as unified as they all claim it is, every single Republican could vote NO on ANY bill and every single Democrat could vote YES on ANY bill and they would pass. It's as simple as that... If, for some reason, you wanted to forsake the very economic foundation of the massive worldwide success of this country from the very beginning of this nation by allowing the government to buy banks left and right? If, for some reason, you wanted this bill to pass, you can blame nobody but the Democrats. They could have passed this by themselves if it was as awesome as they claimed it was. Frankly, even they knew that there was something shady and disastrous with this bill and they wouldn't go against the flood of calls from outraged voters who were opposed to this from the start. If it was so great, they could have easily pushed this bill all the way up to President Bush (who shamefully teamed with the Democrats on this issue) without any Republicans involved.
You just watch... Nancy Pelosi and Chris Dodd and Gary Paulsen and all these pathetic excuses for representatives are going to come out and scream and cry that the evil Republicans caused this bill to fail. They're not going to mention that the majority of the American public DID NOT WANT this bill, and that everyone who voted NO on this thing is far more in touch than they are. They're going to try to fracture the unity of this country by themselves by flat out LYING that the Republicans were the reason it failed. If anyone actually paid attention to the votes (I was listening to Rush Limbaugh as the numbers were rolling in), you would have quickly seen that there were clearly some Democrats who were opposed to this bill. No, I'm sorry, but the only reason a majority party fails a bill that they themselves have hyped to no end is because they really weren't as unified as they claimed they were. Don't let them tell you the Republicans failed this bill... Don't let them tell you this bill was a good thing. Yes, a vast majority of the Republicans were against this thing, but, to be honest, anyone who voted against this thing has bonus points in my eyes. I'd love to see a grand tally of votes. See who voted for what... I want to know if my Representative voted the right way or not so I can kick him out if I need to.
To recap: It's official! The bail out is dead... The market will be free to adjust like a free market does. The less the government gets involved with the economy the BETTER, as we have learned with Fannie and Freddie. We're going to hit a recession, no doubt, but at least we won't fall into an inflation induced depression. The market has to fall... the market has to slow down... The failed institutions need to die. The market will be convoluted and it may be rough going for a while, but we've always recovered from things like this and history has taught us, over and over, that the less government screwing around with the market, the better. We'll recover faster... We WILL recover from this and we'll come out bigger and better than ever. Hopefully they won't try to come up with another bill. The market has been in a state of suspended animation this entire week and a bill hasn't even passed! Even the idea that the government might do something is messing with the market... It needs to adjust, so just LEAVE IT ALONE.
Crazy times. The bail out dying is good... The Republicans were on the right side, but even if the Democrats really wanted this passed like they say they did, then they could have gotten this done because they're the majority. Don't let them tell you anything else, because they will. They're losing their standing and they're ANGRY now. Watch out... Don't believe everything (if anything) they say right now.