I Thought The Bailout Was A Good Thing For Wall Street–Updated
October 3, 2008 / 7:52 pm • By Dr. Melissa ClouthierWhy aren’t they happy?
I mentioned it before, but I’m going to clarify: It is obscene that Congressmen and Senators preen for the cameras over this legislation. If the legislation was even necessary, it was a necessary evil. It was dirty business signifying a dismaying trend in American culture and American voters were not happy about it even if they thought it was the right thing to do. To see Chris Dodd, CHRIS DODD! of all people, and now Nancy Pelosi gloat is sickening.
These pompous windbags wonder why they are loathed. This is why. All Americans are paying now for the people and businesses who live beyond their means. See, the little guy is screwed. He might declare bankruptcy but no one is bailing him out. But big business and the sticky-fingered government that helped create this problem are getting bailed out.
And they brag. Do they realize that every self-congratulatory word they spout will be replayed if this money gamble doesn’t work? Oh right, I forgot. The press will cover their butts and blame Bush for signing it into law.
Updated:
The Anchoress captures my feeling, as usual:
No one has defended President Bush more than I have during his time in office. No one.
But his signing the “bailout bill” that Nancy Pelosi, Harry Reid and the rest of them were giddy over this afternoon - it has stunned me. And I don’t think I’m alone in this, either.
When I heard Joe Biden talk about giving courts the power to reset mortgage principles I thought he’d simply misspoken. Today I see it is a central point in this garbage “bailout” that I am less-and-less persuaded we “absolutely” needed, this “quickly” - mostly because I so distrust the manner in which this whole episode has been served, and the bad faith in which certain moves were played.
I feel very strongly that this bill is a nuclear blast to the economic foundations of the nation. There are laughing hyenas waiting to feed on the carcass.
What she said.
Cross-posted at RightWingNews
2 Responses to “I Thought The Bailout Was A Good Thing For Wall Street–Updated”
By Dave on Oct 3, 2008 | Reply
I love your blog and I think it’s time the republicians finally win and take over these dumb liberals. I am sick of the liberals winning every election and taking over. Its terrible. Liberals are always in charge and we finally need republicans to win. we need mccain/palin to finally get the liberals out of office.
By MaxedOutMama on Oct 3, 2008 | Reply
Because the economic news was so bad! The real economy is sagging from the effect of the earlier oil prices. The credit contraction is just going to dump another load of pain on top of that.
No one believes that this bill will prevent all of the credit contraction, and the economy is already in recession due to other factors.
A few companies have started buying back their debt to save the interest costs. This is a recession marker. Also employment and most other figures show that we are in the free-fall stage of a recession. Everyone knew that the consumer was going to buckle this year, but the latest data makes it clear that a lot of companies are buckling too, and this time the overseas demand will not redeem the situation.
The second dip will be very severe.