Today, in a rare moment of representative democracy, the U.S. House of Representatives listened to voters and failed to pass the $700 billion bailout bill. While it may have been a bombshell to many, the fact is, it was American Democracy at work.
Legislators across the nation were bombarded with emails and calls from constituents saying, “Do not pass this bill.” According to the Rasmussen Consumer Index, fifty percent of Americans oppose the plan, and 63% of Americans worry that the government will do too much.
Today, legislators listened, and they responded. But this is in no way the end. The way I see it, the decision to stall the vote until Thursday is an opportunity to get it right.
Ever been in a crisis? If so, you’ve heard those you trust—whether a clergy member, financial planner or therapist—tell you, “Never make major decisions in the midst of a crisis.” And we’re all familiar with the term, “haste makes waste.”
Three days away (back home closer to their constituents) just may do our congressional leaders some good. It will allow each of them a chance to step away, clear their head.
The bottom line is, everyone in Congress is admitting that the current bailout bill is a “bad” bill they don’t want to pass but feel they must. But, what’s so wrong with having the courage to say, “This bill is bad, but I believe we can do better…and we must.”
This congress has an opportunity to not settle for the lesser of two evil bills (Paulson’s and now the enhanced version). Congress has an unprecedented opportunity to say, “We are committed to the American people. We are elected to be the best possible stewards of taxpayer dollars. We will not sell the taxpayer short. We can do better and we will.”
Come back on Thursday— huddle, compromise, study, research, write and rewrite, ask tough questions, demand answers, and compromise some more— and then come back with a plan that you can vote for with dignity. Popular legislative sentiment is that to “do nothing” is unacceptable. No. To do “just anything” lacking any real confidence in its merits or assurances of its success, is unacceptable.
Congress, please, for the sake of the American people, go back to the drawing board.
So, the bailout was rejected, and the DOW tumbled 777 points. Is it the end of the world as we know it? Let’s take a closer look at the bailout. What are the pros and cons? How did we get here? Who is to blame? And, most importantly…What do you think?
My personal (non financial expert) opinion: If you don’t have much money, you probably haven’t lost much. If you have a bunch of money, you might have lost a bunch. Of course, as always, the middle class will be hurt the most from this crisis. They are already struggling, and bailout or no bailout, the middle class stands to pay the greatest price. But, that’s just my opinion, and I’m no financial expert.
Here is a quick video round-up, of reaction and fact-check to the Presidential Debate on Friday. Just in case you missed it, you can see the full video coverage of the debate here. What did you think of the debate? Let me know in comments.
Rachel Maddow responds to debate and does some fact-checking…
“I don’t torture myself over decisions. I make them as quickly as I can,
quicker than the other fellow if I can. Often my haste is a mistake,
but I live with the consequences without complaint.“— from “Worth Fighting For” by John McCain and Mark Salter, 2002
Is this the person who you want with the power to deploy US troops?
Is this the person who you want with the ability to launch a nuclear assault?
Is this the person who you want attempting to influence the US economy?
Are you willing to live with the consequence’s of John McCain’s quick decisions without complaint?
If I worked for the Obama campaign this would be the one quote that I would repeat in ads over and over and over again.
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With all the McCain hoopla over the last two days, you may have missed the Sarah Palin interview…I know I did. But, this is the woman that could literally be a heartbeat away from the presidency. You need to see this. Much of this interview is quite unbelievable. You can watch the first two clips and see the full Palin interview, or see additional clips of her answers to specific questions. And, just because we can all use a good laugh…If nothing else, check out the last video clip, it’s really funny. Don’t forget to let me know what you think in comments.
What a crazy day in politics. Here is a quick video roundup of how John McCain saved the economy today. Oh, sorry…He didn’t really “save” the economy. I’m not quite sure what he did to the economy today, or if he actually has suspended his campaign. Let me know what you think.Doesn’t seem like McCain has suspended his campaign.
Historic Bailout of Financial Industry is near. Or is it? John McCain is talking to the president right now, and I am sure he will have this whole economic meltdown thing straitened out very soon. Well, I’m not entirely sure.
See AP Video…
Video of McCain’s photo-op, with President Bush and Barack Obama. McCain suspended his campaign and hopes to delay tomorrow’s debate so he can save our economy with photo-ops? I wonder how that’s workin out for him?
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