Monday, September 29, 2008

12 Votes

As I said before, I am not an economist. But today a shock went through me as I saw members of a sitting president's own party rebuke him in the (pick one) Wall Street bailout/rescue bill. This 228-205 vote was over the wishes of the White House and the of the Republican Congressional leadership. Senator John McCain suspended his campaign in order to "get it done" for America.

And sadly, it broke down to playing politics.

And the Dow plunged a record 777.68 points....because the House of Representatives did nothing.

There are two ways of handling this crisis- (a) pass the package and attempt to stop the bleeding, to the tune of $700 billion, or (b) do nothing and risk financial collapse not only on Wall Street, but on Main Street, and internationally.

This is the definitions of a Hobson's Choice.

Ali Velshi of CNN compared the situation as to finding out your kid set your house on fire- you get mad at your kid, but first you put out the fire before dealing with your child. We are not dealing with Armageddon, in his words, but its a very bad situation...and it could seem like the end of the world for many hard working Americans.

Conservative commentator David Gergen called the vote reckless and "one of the worst mistakes I have ever seen the Congress make. It was shockingly irresponsible".

Yet another CNBC commentator compared the vote to "fiddling while Rome burned"

Politicians were being politicians and doing the only thing they know how to do...that is, finding ways to get re-elected no matter what the ultimate cost to the majority would be. And the members of God's Own Party seemed to be more Darwinist than any would seemingly admit publicly....they truly do believe in "survival of the fittest".

Forget "what Jesus would do".

Tell us what Lyndon Johnson would have done.

My guess wouldn't have been pretty.

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