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Some More of Other People’s Money [OPM]
As expected, the House sells out to Wall Street
The house signed bailout plan, and so did Mr Bush, probably in record time—just in case someone changed their mind!
In scenes reminiscent of selling the Iraqi invasion to find the illusive WMD, the House readily approved the bailout plan to search and destroy the “Weapons of Monetary Discomfort.” It took less than 90 minutes for Pelosi to sign and enroll the bill, and for Bush to sign it into law!
Hail to Thee
House Speaker Nancy Pelosi (center) holds aloft the $700 billion financial bailout bill after signing it. Reuters/Jonathan Ernst. Image may be subject to copyright.
Hailing Democratic and Republican leaders alike, President [sic] Bush said: “We have shown the world that the United States of America will stabilize our financial markets and maintain a leading role in the global economy.” As to why the market found itself in a mess in the first place, he had nothing to say.
Speaking on behalf of probably a lot of Reps., Sue Myrick (R-N.C.), who like many voted for the bill after initially opposing it said: “I may lose my race over this, but that’s OK. Because I believe in my heart I’m doing the right thing.”
Rep. Zach Wamp (R-Tenn.), referring to “blue dog” fiscal conservatives said: “On Monday I cast a blue dog vote. Today I am casting a red, white and blue vote for this country.” Reiterating his approval for the bailout package, Wamp urged colleagues to “hold your vote over the heart and vote yes.” He then quoted Warren Buffet why the bailout was necessary for the nation: “We don’t have any choice [because] small businesses can’t meet their payrolls. Pension funds are upside down.” However, he didn’t say what the lawmakers should do in the next “meltdown.”
Selling Out Americans to Save America
Rep. Jim Marshall (D-Ga.), scared out of hits wits for selling out his voters, has already begun a TV ad campaign in his district proclaiming, “I don’t like this rescue plan any more than you do.” He didn’t say why he disliked the plan, of course, was it some minor tremor, or a major fault line?
Traders pause to watch the House vote on television on the floor of the New York Stock Exchange today in New York City. The U.S. House of Representatives approved a $700-billion bailout of the U.S. financial system. Spencer Platt/Getty Images. Image may be subject to copyright.
The general excuse for voting is pretty much the same across the board. The elected Reps are telling the electorate that they, the electorate, have no idea what’s good for them. And although they, the Reps themselves, don’t like the plan either, they have to agree to it. “I’m not going to stand by and let this crisis undermine our economy and damage the financial future of everyone in America.” Marshall declared.
Hold on a moment, Jim Marshall, if we the electorate don’t like the idea because we believe it’s bad for the economy, and you as our Rep agree that it’s a bad idea, too, then why must you act against our wish and vote for it?
Democratic Suicide on Behalf of America
Rep. Howard Coble (R-N.C.), one of the “hero’s” of the day, who also supported the bill after first opposing it, said “the sky may fall tomorrow, but it will fall upon my head. It won’t fall upon anyone else.”
This is truly the politics of self sacrifice, when the Reps become “democracy suiciders,” by destroying both their political future and the voice of their electorate to, in the words of Jim Marshall, save the “financial future of everyone in America [sic.]”
“Do I still have concerns about how this will affect the free market system? Yes, but we have to act and we have to act now [because] if we don’t solve these problems [then] America will fail.” Said Rep. Gresham Barrett (R-S.C.).
Stealing money from Mr. and Mrs. Jones on Main Street and giving it to Mr and Mrs Smith on Wall Street
Pelosi, hammering the final nail, said, “While the focus has been on Dow Jones and Wall Street, we are addressing the real pain felt by Mr. and Mrs. Jones on Main Street.” [And the only possible way to help Mr. and Mrs. Jones on Main Street, of course, is by stealing their wallet and purse and giving it to Mr and Mrs Smith on Wall Street.]
California Gov. Arnold Schwarzenegger, in a letter read by Rep. Lofgren (D-San Jose), warned: “The credit market has already frozen up to the point that it chills even the state of California’s ability to meets its short-term cash flow needs.” [And we need lots of money for the 2009 wildfires, I must tell you in advance!]
The Miracles of Capitalism
Rep. Devin Nunes (R-Visalia), a critic of the bailout extravaganza, warned against Paulson having the power to buy toxic mortgages. “If the secretary wants to run a hedge fund, he should go back to Wall Street,” he said.
Rep. Dennis Kucinich (D-Ohio), referring to the case of Addie Polk, 90, who shot herself Wednesday as deputies tried to evict her, said: “This bill does nothing for the Addie Polks of the world [because it] fails to address the fact that millions of homeowners are facing foreclosure.”
“[The bill] will take care of Wall Street,” Kucinich said, “but democracy is going down here.”
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