I see today that the bailout bill passed the House.
263-171
D 172-63
R 91-108
As far as I can determine this is the Final vote.
Now my question is ....why in the world would the Democrats pass this bill considering the dynamics of the vote? The Dems voted nearly 3 to 1 in favor of this while the GOP had more votes against the bailout then for it. This is a disaster waiting to happen. Why in the world would the Dems pass this without at least a majority of the GOP vote...or even better, insisting that the GOP match Yea votes.
Let’s assume this bailout works. There are many citizens who will believe that even without this bailout, the markets would have fixed themselves. Hell...even the stock market took a nose dive when the passage was announced.
Let’s now look at what happens if this does not fix the problem. The GOP will stand up and let everyone know that they were right....free markets can not be controlled by government intervention.
So...I really see this as a no win vote and why they did not insist on equal representation from the GOP on this is beyond me. Add all the pork that got attached and this is a real ClusterF&%$.
Update: The DOW today peaked at 1:08pm. As of close today the Dow was Down ~157 points. Did Wall Street not want this...or will this just provide them with more time to get out while the going is good?
Charlie Rose had some great interviews regarding this matter including Warren Buffet.
Sorkin/Zuckerman video
Warren Buffett
Now I have to go to my bank to see if they are going to reduce my mortgage...say maybe about $20k or $30k off the balance. Maybe more...since I have always paid them on time.