Shakespeare famously said through the lips of Polonius “To thine own self be true.” I found out that today that I haven’t been, but I don’t know if there is anything I can do about it.
I made up my mind that I supported the bailout plan. Even though under normal circumstances this type of thing would be anathema, I am constantly being reminded that these are far from normal circumstances. Further, many people much more knowledgeable than I in the ways of finance seem to think we need it. So I made up my mind to support it.
So imagine my befuddlement today when I heard the news that the plan went down to defeat and I realized I was … glad. I don’t know if I am cutting off my nose to spite my face, but I was glad nevertheless. Oh sure, I know that something similar will likely be passed within a week or so, but I think sometimes a dramatic “Not so fast, mister!” is in order.
So now is the time to put away partisan differences and take out the unbridled partisan hatred. Let’s start with Nancy Pelosi, who I am now convinced is as mean as she is stupid. Does it seem like a good idea to insult in such a nasty way the people whose support you need in 5 minutes? Well that is just what the Speaker decided to do.
Now the Democrat leadership is attempting to demonize the Republicans for their failure to support the bill. This, of course, completely ignores the 95 Democrats who voted against it as well. So get this, 133 Republicans and 95 Democrats of a Democrat controlled house voted against the bailout, but it is all the Republicans fault? Actually, that is as close to real bipartisanship as anything I have seen from Washington.
Now some Republicans have been complaining that Speaker Pelosi was mean to them and perhaps this contributed to the failure. Any Republican who noted nea not because they thought that it won’t work, but because their feeling were hurt should be horse whipped and made to wear little pink dresses and white patent leather shoes. Grow up, this is serious business.
As I have said, I have mixed thoughts on this matter and am unsure what is the right course of action. Republicans can and have come down on both sides of the issue. With that said, I am absolutely disgusted by Republicans (pundits and pols) who supported the bill demonizing any Republican who opposed it. I have seen attacks that employ the worst tactics of the left. I guess I was fooling myself that conservatives are generally above such despicable behavior. Lesson learned.
The one thing that really steams me is the fact that the ones really being demonized here, by both sides, is me and you. The constituents. People, regular folks, who called their representatives in record numbers in opposition to this quick and potentially premature giveaway. Many folks, good decent Americans, are legitimately concerned that this may not be the right thing to do. That it may not fix the problem and perhaps eventually make it even worse. People are wondering if perhaps it is better to take the pain and comeuppance of our failures now, thinking it is likely to be worse if we put it off. So people called their representatives and said “Not so fast!” Amazingly, some of their representatives actually listened.
So now pundits, pols, and the powerful of each party are screaming and demonizing each other over who is to blame for this failure to act. Well, I have news for them. We are to blame. Us folks out here. The ones paying the bill. We are the ones who said wait. Continue to demonize us at your own peril.
I am still unsure about what is the right course of action, but I am now very sure that the leadership of both parties really don’t care what we think. A pox on both their houses.
September 30, 2008 at 10:15 am
I was stunned, and frankly scared, when this bill failed yesterday. But the more I’ve read and watched about the bill, the more I’m convinced it is a very good thing it failed. I’m particularly impressed with Newt Gingrich’s comments. And for the record, I’ve been following my Republican representative’s action on this. He was the first to oppose it, he’s stayed on point, and he’s very concerned about representing his constituents. Of course those who actually represent their consituents are being accused of “politicizing” the vote, so they can’t win. But I’m proud of my Rep on this one.
September 30, 2008 at 12:03 pm
Here in Michigan, 7 representatives voted “nea” (5 Dems in that column) and I was surprised to see that; until this morning’s news, when a pundit’s opinion was that one of the reasons why some of the 95 Dems voted it down was because the ACORN slush fund was stricken from the bill.
Well, I said to myself, that makes sense for the Detroit area reps.
My area rep voted it down, too, and he’s Republican. I appreciate his staying on principle.
September 30, 2008 at 3:32 pm
I’m against the bill as it is written. I want execs who caused this to see jail time. I want their assets seized. I want retribution. What I do not want is for this to be foisted onto the backs of the American taxpayers. Are we a free market economy or not? If we are, then let the market correct itself. Businesses that fail deserve to fail. Attack the causes of the debacle, don’t go for the quick fix. There is no quick fix.
September 30, 2008 at 3:41 pm
Jim,
Rather vindictive don’t you think? Should all the homeowners who sold high to buyers who could not make payments also be imprisoned?
I think one of the main problems with finance is the desire to jail those whose business fails. We have some fundamentally sound businesses that have went down due to accounting standards, rather than cash flows.
Quite like revolutionary France, where defeated generals were summarily executed.
JBP
September 30, 2008 at 3:49 pm
When, or if, the dust settles on all this, at the very least, Nancy Pelosi, Barney Frank, Chris Dodd AND Barack Obama should all be prosecuted and put in prison. Click over to National Review Online and yesterday’s NY Post and find the two articles about ACORN and Obama’s involvement with those insidious cretins; they are, in large part, responsible for this crisis.
September 30, 2008 at 4:16 pm
Daniel,
Imprisoning political opponents is a terrible idea. How about voting these jokers out of office, rather than radicalizing the democratic process?
JBP
September 30, 2008 at 5:43 pm
My husband and I saved for years to put down 30% on a house, got a 15 year mortgage and paid it off in 7 years.
Now we’re expected to pony up because the Democrats thought it would be a great idea to allow the irresponsible to become homeowners and the banks and Wall Street, who thought the party would never end, couldn’t control themselves. Now we expect the same Democrats to fix it all. Ya, right. Sometimes you just have to take your lumps no matter how ugly it may get and perhaps this should be one of those times.
My rep, one of the few conservatives in my state, voted against it consistently. I’ll take his word for it that the whole thing stinks to high heaven.
September 30, 2008 at 6:00 pm
JBP,
we, as individuals, cannot vote “these jokers” out of office…we have to rely on others to assist with that. And as far as “radicalizing the democratic process” goes, we had a revolution about some taxes on tea not too long ago, and this, IMHO, is a little bit more of an overreach by the government than that.
Retribution is not the answer…justice is.
September 30, 2008 at 6:12 pm
I agree with the author in that I too am torn by this. Personally, this doesn’t affect me at all in that my money is sound, my mortgage is not in jeopardy and I am not in any way affiliated with the banks in question. So…er…why should I have to bear any burden here?
While I do not agree with Pelosi’s demonisation of the Republican party and trying to pin this on any one side (greed is absolutely bi-partisan, and the Democrats on Wall Street are just as much to blame), like a stopped clock which is correct twice a day, she is right on what she said about Bush. He is/has not been a friend to conservatives or republican values regarding economics. He has created a huge beaurocracy AND debt during his administration. As a Republican and a conservative, I really don’t trust or want this bail-out at all. But if it is indeed as imperative to our economic stability (and I’m not convinced it is), then I suppose we’ll just have to take one for the team as it were.
September 30, 2008 at 6:24 pm
Lori,
If enough people are upset enough with the process (and they are), then it is possible to vote out Frank, Dodd and the others who perpetuated this mess.
Part of the Amreican Revolution was to guarantee individual liberty, not to have collective punishment for those we do not like.
The politicians ideas of justice get us moronic laws like Sarbannes Oxley that contribute to rather than prevent financial crisis. I suggest we refrain from jailing politicians for being disagreeable.
JBP
September 30, 2008 at 7:25 pm
Those who so quickly call for jail time for politicians and businessmen who wound up on the wrong side of this crisis should go spend a few weeks "on the inside."
Just because you now have to eat at home instead of going out, or Mom & Dad may not be able to live off the fat of the land during their golden years is no stinking reason to put someone in the slammer. Nothing in this life is guaranteed and there's plenty of blame to go around on all sides here.
Don't think you could be a part of the problem? Just ask yourself how well informed did you stay about Fannie Mae & Freddie Mac prior to their implosion. It's a representative form of government we have folks, if the representatives went wild it was because John Q. Public got lazy and let them.
I'm really serious about spending time in the ironbar hotel, if you feel it's justified then go try a few weeks of it on your own so you'll know what it entails. At least the rest of us will be spared your hysterical hyperventilating during that time period.
September 30, 2008 at 8:36 pm
Had “America’s Mother-in-Law”, Nancy Pelosi, reined in the toadiest of her toadies, the bill would have passed.
As it stands, she instructed a number of Democrats in tight races to vote “no” for political cover, then she has the unmitigated gall to blame the Republicans.
What will it take to get rid of this woman? She is most likely the worst Speaker of the House in history.
October 1, 2008 at 4:11 am
I want execs who caused this to see jail time. I want their assets seized. I want retribution.
That would be the federal government which encouraged and pressured banks and mortgage companies to engage in reckless lending practices (that is, extending credit to people unlikely to pay it back).
October 2, 2008 at 5:42 pm
Subvet, I agree with everything you said in that post. This is a very litigious society who seeks to blame everyone but themselves. No one forced ANYONE to take a loan at a high interest rate. It was a very mutual symbiotic (if not parasitic) relationship going on there.