Talk about giving the finger to Wall Street.
I'm afraid a lot of people are going to credit or blame right-wing conservatives for the failure of this bailout package today.
Before you follow their lead, consider that both Tom Udall and Steve Pearce voted against it, while Heather Wilson voted for it.
What does this mean? Well, my interpretation is that people who hug the middle were for it, while those who are further along the spectrum, either left or right, simply weren't having it.
To the left, it was a fat bailout of Wall Street banks without any provisions that would also bailout struggling homeowners. I have to admit, I'm feeling this one. Not only would it be just and fair to spread the largess around, I also don't quite get why we'd saddle ourselves with mortgage debt without also trying to keep those homeowners paying their bills.
To the right, it was simply socialism. Not quite sure how they can keep on this track so I'll let the folks over at Rio Grande Foundation clue us in on this one. Frankly, I think its clear that capitalism would implode without government interference--and as we have continually lessened regulation over time this is our lesson. We're having to learn it, *again.*
And just who are these middle people?
I tend to think they're the establishment people. You know, instead of left/right, they converge in the middle and look to the top. Just a thought...
Monday, September 29, 2008