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Monday, September 29, 2008

(Updated) Bailout Vote Fails in House

Here we go, and where we stop, nobody knows.

Update:

Final Vote: 205 Ayes, 228 Noes

Heather Wilson votes aye; Tom Udall and Steve Pearce no. Democrats: 140 ayes, 95 noes. Republicans: 65 ayes, 133 noes.

I caught a nasty cold/flu this weekend and I'm nursing it today so I got on the couch, got me some tea and watched the chaos descend on the TV pundits (in between naps). Largest point drop ever in Dow, by 777. Rs blaming Pelosi for giving a "partisan" speech today and upsetting Rs who then voted no. Spare me. McCain looks like an idiot given his bragging about getting the Rs in line for this. Obama says, "get it done."

I say, let's take some time and do something meaningful that will move capital from the bottom up rather than following the defrocked theory of top down, tickle down. However, I have a strong feeling that no matter what we do or don't do now, we'll end up in the same place -- economically destroyed for years to come.

This is a situation conceived in Reaganomics that has continued in fits and starts to this place of no return. The bottom line: if a nation doesn't make and sell anything of value, there is no real value in its so-called assets. They're just paper, and their value is subject to whims, fakery and fraud. Especially when appointed regulators are into looking the other way on even basic oversight, and most meaningful regulations have been watered down or removed completely. We're seeing the myth of the magic hand of the market completely unmasked for what it really is without proper regulation -- unbridled greed and thievery.

September 29, 2008 at 12:03 PM in Corporatism, Crime, Economy, Populism, Government | Permalink

Comments

Wilson voted aye; Udall and Pearce nay

http://clerk.house.gov/evs/2008/roll674.xml

Posted by: Carlos Navarro | Sep 29, 2008 12:41:23 PM

Sure Wilson voted yes, she is living up to her nick name "rubber stamp" just like the good follower that she is.

Posted by: VP | Sep 29, 2008 1:00:41 PM

Well, we can be thankful that this thing failed. I know something has to be done, but really, there are lots of better ideas that need to be in there.

Hundreds of academic economists have signed a petition against the bailout bill. I know, Ivory Tower and all that. But really, this thing needed to die.

Udall called it right. Pearce, notsomuch.

Posted by: bg | Sep 29, 2008 6:03:07 PM

I wouldn't trust any plan suggested by Bush and his appointees. We need some outside economists to look at this and propose something fair and effective not merely another cook the books scheme from the criminal in the White House.

Posted by: James | Sep 29, 2008 6:54:03 PM

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