Friday, October 03, 2008

The Rescue Bailout Vote

The two senators from Texas, my state, voted for the bill in in the Senate to stabilize the economy. Call it a bailout, call it a rescue, whatever. Something needed to be done to get the economic conditions in this country going in the right way again.

From Senator Tom Coburn, R-OK, "This is a time in our country when politics needs to go out the window. I would not have written this plan and I would rather not be doing this, but the question is, ow do we help the most Americans, how do we reestablish confidence in the economy, and how do we stabilize things?" Senator Coburn is a strictly conservative leader in all things economic and is known for is objections to government spending.

From Newt Gingrich: "This bailout is a temporary emergency measure to stop a hemorrhaging of credit and the potential collapse of the American and world economy." Gingrich was a very vocal critic of this plan until only recently.

I do not hold the votes against my state's two senators. Senator Hutchinson is not running for re-election. It is a commonly held opinion that she will run for governor next. Senator Cornyn is running for re-election and I still support his campaign.

Sometimes we have to go with our gut. The financial times in which we find ourselves is volatile and new territory. This mess was a long time coming and will take a while to get back on path. This is a bi-partisan problem. Democrats, the very ones now leading the legislative actions, are the same ones back in the days of Clinton denying any problems with sub-prime lending. They were the ones supporting President Clinton ramping up the very legislation begun under the failed presidency of Jimmy Carter which demanded banks lend money to those who probably should not receive a loan, so that they could buy homes. Republicans supported much of that, too. Two years ago, when John McCain pleaded for reform to Fannie and Freddie, he was ignored in the Senate. President Bush has been talking about the problems he foresaw with Fannie and Freddie and other financial institutions but Congress, whether controlled by Republicans or Democrats, failed to act.

There is blame to go around. Barack Obama is second on the list for the politicians benefiting from money from Fannie and Freddie. Senator Dodd is a principal in the investigation of corrupt politicians involved with Countrywide. All of this, over all these years, has become incestuous in Washington, D.C.

I am angry about some of the bits put into the bill. I am angry that Rum producing territories like Puerto Rico will benefit. I am angry that there are demands relating to global warming in there. I am angry that there seem to be all kinds of nonsense - earmarks - in this bill. This is a travesty. What was once a three page paper turned into one consisting over 400 pages. We have the House and the Senate to thank for that.

More oversight is good. Higher FDIC guaranteed insurance is good. Taking out the 20% kickback to corrupt liberal groups like ACORN is good. Taxing businesses on Wall Street, as Obama demanded, is bad. We cannot tax ourselves out of economic difficulties. It worries me that Obama, hoping to be President, simply doesn't understand that.

I know everyone is upset now. That is reasonable. We will get through this, however. We are Americans. We pull together in the face of adversity. We must demand our politicians pull together and stop the insane finger pointing and work for the betterment of the country.

Like the two men of the quotes above, I wish we weren't here. We are. Time to get on with it.

1 comment:

Anonymous said...


Recently an insurance company nearly wind up....

A bank is nearly bankrupt......filing chapter 11 protection.

How it affect you? Did you buy insurance? Did you buy mini note or bonds?

Who fault?

They bailout trouble finance company, but they will not bail out your credit card bills……You got no choice, and no point pointing finger but you can prevent similar things from happen again……

The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......because the top management will be concern about their own pay check……
Meanwhile if company was being acquired, there will be a great movement in terms of staff……eventually staff suffer also.
Some might feel that it sound stupid….. as there is long and Short position…but in reality there is still many different caliber CEO… there is still long and short…..They can ban short selling definitely they can do something about this.......

Are you a partisan?

Sign a petition to your favourite president candidate, congress member, House of representative again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible.... Finance and Media are the two only industries can shaken politics ( Maybe Hackers can ), please help to highlight also...