In a show of why we should be terrified of democracy where everyone gets a vote, the House voted down the proposed $700 billion plan today. Let the market freefall begin! I guess there is a great deal of resistance in America to the idea of bailing out the bankers to the tune of $700 billion. Still if people were doing their jobs explaining to their constituents the consequences of inaction there may be resistance, but at least a feeling of resignation about what needs to be done.
From the article:
"Speaking after the vote, Republican leaders in the House of Representatives suggested the Democrats were to blame, accusing them of failing to mobilise their majority in the chamber."
Really? You are letting yourselves off the hook THAT EASILY?! DO YOU EVEN UNDERSTAND HOW YOUR OWN SYSTEM WORKS?! HAVE YOU EVER LOOKED AT CONGRESSIONAL VOTING RECORDS? IT'S ALMOST LIKE THEY THINK THEY HAVE SUDDENLY MOVED TO CANADA! The democrats have to take the blame for all of this? What about the 2/3 of Republicans who voted against the measure? Why should the democrats have to bear all of the risk while the republicans take shots no matter what happens? How can anyone vote for these people?! When the crisis really reaches its peak, I hope the obstructionists and opportunists surrounding this plan are the ones we blame.
The DOW is already down 500 points as of this writing(and 777 on the day!). I guess we will have to see what is said over the next few hours to try and calm things down. Still, this sends a terrible message to anyone who has a clue about the financial crisis. SELL SELL SELL. Still, if I were sitting on a mass of shares, I would have cashed them out at least a couple weeks ago.
Looking again to the bright side, LOTS of PhD theses will have roots in the weeks to come.
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Let's make one thing clear, though I doubt any Americans are reading this. The Republican Party has effectively lost all credibility. Republican representatives have put politicking and spiting their congessional opposition before the good of the country, and by extension a good part of the world.
I truly sympathize with all those who wish that homeowners, rather than bankers, would get a little help. However, this is a liquidity crisis. Credit is frozen, and thereby the American consumer is frozen.
Shame on both selfish Republicans and populist Democrats. Any ensuing meltdown rests on their shoulders.
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