Thank God. Congress ultimately repudiated the “leadership” of the president, both men running to be president and the socialist Pelosi. We haven’t seen a populist, political backlash like this since the amnesty bill went down in defeat. Main Street defeated Wall Street and K Street. Good.
Writes Lew Rockwell:
“What a heroic day! The people rose up against a coalition of every evil group in America: the central bank, Wall Street plutocrats, politicians, banksters, think tanks (including the pseudo-libertarian sort), big media, big academia, and big business, and won. Today we got a taste of what things may look like when the regime is finally toppled, and its theft and killing stopped.”
Damn straight.
One Comment
I’m principally and philosophically against this bill.
However, the one thing this bill buys is time. Right now, the future of this country is predominantly dependant on several factors reliant on wall street existinc. This isn’t anything today. It’s going to get worse if this isn’t passed.
Expect another wave of bank failings, followed by a big wave of corporate/company failings as businesses get cut off from their financing. Maybe the Dow will get whacked back to like 7-8K over the period of a few months. Then expect a downturn in production, widespread deflation, decreased wages, and much higher unemployment. Other signs to look for include: (1) your bank being run on despite FDIC protection – and then waiting for weeks to months instead of days to get your cash back from the government; (2) your credit cards being shut off; (3) school/car loans being called in, (4) clear signs of impoverishment around you on a scale you’ve never seen before (crumbling roads, bread lines, etc.); and (5) general upturn in crime and civil unrest.
This bailout would buy time, a resource we have little of, and one that is vital to keeping the country together. It’s the difference between a high-speed car-wreck in real time, and a low-speed car-wreck in half-time.
Even a bailout of 200 Billion will help. Rockwell might be right on economics, but the system we have in place right now is gravely flawed. Ron Paul has been saying this for months: it doesn’t matter if the bailout is going to get passed or not.
One family I konw down the street had most of thier retirement held in Wachovia. I’m going to listen for gunshots over the next few days…