As many commentators have noted, the situation we find ourselves in is eerily reminiscent to the run up to the Iraq war, the passage of the Patriot Act and the re-authorization of FISA. The Bush administration makes grandiose, unsubstantiated claims of a dire pressing need and then requests immediate Congressional acquiescence. In each case, the government requests little if no oversight and it eventually comes out that the government "solution" had been planned for some time.
So is the case with the $700 billion bailout. Why suddenly is the administration who has trashed our economy, taken us into unnecessary wars, and stripped us of our constitutional rights somehow now correct and competent?
The immediate reaction from voters seems to be disgust, coupled with the sense that even if a bailout is needed, writing a blank check to this administration will not solve the problem. I concur. The more we dissect the proposal and hear about its history, the more apt we will be in rejecting it.
Politically speaking, Democratic support for this could effectively kill our chances to seat a veto-proof majority in Congress and elect Obama as our next President. The Republicans are already cognizant of this fact and pouncing.
What troubles me most is the rhetoric of inevitability that is coming from Democratic politicians.
The Wall Street Journal quotes lead House negotiator Rep. Barney Frank (D-MA), "We do agree you should move quickly...We understand that bad market choices have put us in a situation where something has to happen."
Senator Chris Dodd, chief Democratic negotiator in the Senate, made similar remarks, "Nevertheless, in our efforts to restore financial security to American families and stability to our markets, this Committee has a responsibility to examine this proposal carefully and in a timely manner."
Again, why now? If the administration has been planning this bailout for some time, how will another 40 or so days be so damaging?
Even the supposed compromise on establishing oversight seems to be a sham. According to the same WSJ article:
Rep. Frank said the Treasury agreed to an independent board to monitor the bailout and report on its progress to Congress and the public. The board wouldn't have authority to veto Treasury investment decisions, and the bailout's launch wouldn't be delayed while a board was being put in place.
That seems like great 'oversight' to me.
Though both Senator Dodd and Rep Frank require that you are a constituent in order to contact them via their online sites, you can use the following contact information:
Congressman Barney Frank
2252 Rayburn Building
Washington, DC 20515
tel: (202) 225-5931
fax: (202) 225-0182
U.S. Senator Chris Dodd
448 Russell Building | Washington D.C., 20510
Tel: (202) 224-2823 | Fax: (202) 224-1083
You can also use the site votenobailout.org to quickly and easily e-mail your elected representatives.
In the words of 90s icon Susan Powter, "Stop the Insanity!"