In the end, it wasn't just House Republicans who had a problem with the Bush crafted $700 billion dollar bailout of US financial markets. 95, count 'em, 95 Democrats also failed to get on the bus, sending the bill to a crashing defeat. So confident were most people the bill would pass that John McCain was bragging about his role beforehand on the campaign trail. But then, he also placed an ad saying he won Friday's debate before it happened.
The financial mess is now rippling across the globe. The inability of banks to raise capital has hit European and Asian markets, causing both to skid as credit dries up. What's worse, politicians here are waking up to the very real question, "Now what"? There seem to be no easy answers. Some, like Ohio's Dennis Kucinich, think there ought to be more hearings on crafting a better bill. Some social Darwinists among the House Republican block say simply that the markets need to correct themselves.
Others, in particular those who crafted the bill that went down, want to go back to the drawing board quickly and come up with another measure to vote on this week. One thing is for sure. Too many more days like yesterday and the New York Stock Exchange will need a full time staff of grief counselors.
How about doing something that directly benefits the American people? My good friend John Nichols at The Nation says split the bailout 50-50. Give half to the bankers and let them generate the rest through smart investing that's not exploitative. Use the rest to help homeowners, fund job training and creation, improve health care, the environment, education, you know, the things ordinary Americans are having to pay more for every day. Part of the reason why this bill failed is because the average person saw nothing in it for them.
Why not invest in Americans for a change?
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Like Dick Gregory said not long ago, I remember when the stock market was 3000something; and it wasn't that that long ago. I don't know how much, rather how little, I want to give Wall Street to bail out their nasty gambling habit. Only half of the US owns/owned stock (not me). Yes, I know of possible "fall out".
But there's no rush. Let the Dems come up with a good bill or delay. Why help Bush? Finally, I was right with my hunch:if it can't be explained so folks can understand it(whatever),it's got mostly b.s. After a couple of weeks of reading/listening to progressives, I'm beginning to understand. Leadership is what we need. Folks are really pushing from below (that's all of us).
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