Wall Street welfare ends with Congress, folks! I said that the Democratic election victory for Congress two years ago would result in paralysis, and that paralysis would be a good thing. I am proven right. In fact, this time around, the Democrats had help.
The lower house of the US Congress has voted down a $700bn (£380bn) plan aimed at bailing out Wall Street.
The rescue plan, a result of tense talks between the government and lawmakers, was rejected by 228 to 205 votes in the House of Representatives.
About two-thirds of Republican lawmakers refused to back the rescue package, as well as 95 Democrats.
Those Republicans who refused to play among with El Dubya are finally sick and tired of being played for saps by El Dubya over the past eight years. I guess they figured this was the time to stick it to the Man and hear him squeal.
That bailout is not in the best interest of the nation, unless that nation is China or Japan, the holders of our debt. But the average American citizen, and that includes myself, would be screwed whatever the outcome. If passage fails, our savings evaporate, so the plan’s supporters whine. Yet if it passes, the expense would cause inflation to explode, and our savings will become worthless, anyway. We lose either way, so what does it matter?
If El Dubya thinks that he is going to leave office with the victory garland of a Wall Street love package for allowing the banks and mortgage finance companies to con Americans into buying more house than they can afford, then to stiff them blind once their mortgage rates jump, then to get away with stiffing the rest of us — that man and his minions are fools!