It's been all over the news.... Congress failed to pass the $700 Billion bailout. Some are saying it's because the Speaker decided to give a partisan lecture about Bush economic policy right before the vote. Others are saying that they voted no because people in their districts are calling and telling them to vote no.
To the Republicans who voted no because of what Nancy Pelosi said... Grow up. You were not elected to congress to represent the Republican party. You were elected to Congress to represent the people of your district. If you have a fundamental reason for voting no, i.e. you really believe that this legislation would hurt the American people more than help, then I can understand your vote. But, to say no because the Speaker is an idiot and insulted the president? That's ridiculous.
The people who voted no because that's what their constituents are telling them.... in a way, I can understand that vote. But, the excuse seems pretty thin. It seems like no one is really talking about what the bailout will do and how it will help Main street. The bailout is always referred to as helping Wall street. What people don't seem to understand is that if the government uses the bailout money to buy troubled assets of banks, the banks then have the capital to loan money to business and consumers for payrolls and purchases. Companies making payroll means the Jones family can pay bills and buy groceries. Banks making loans to consumers means that Bob down the street can buy the car he needs to get to work because the one he has is unreliable, so he can continue paying his bills and buying groceries.
Our economy is built around people being able to go to work, get paid, pay bills, and buy things. Every time you pay a bill or make a purchase, you help fund someone else's paycheck. They in turn go about their daily business and fund someone else's, and the cycle keeps going.
The Bush administration has a big chunk of the blame for letting us get in this mess, but Congress does too. They are supposed to pass the laws that provide over site for these issues and they haven't done it. But, right now, it doesn't matter whose fault it is, we just need a solution.
Tuesday, September 30, 2008
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