Have You Seen Any Doom & Gloom Laying Around Over There
Posted by Andy on September 30th, 2008
I upset a certain loved one last night who I was email debating with last night regarding our opposing views on the Bailout bill and how I thought it was the right thing for it to fail. It didn’t end in a compromise, and I hoped I was right that the sky would still be blue and that Wall Street would unlock the doors and be open for business today.
Well…
We were told the sky would fall. That not passing that bill would shut down the stock market. That the stock exchange would keep falling. Blah blah blah.
Well….
Stocks Swim on Renewed Rescue Hopes
Not only did the bottom not fall out of the markets, but it bounced back.
Of course we’re not out of the woods. Lessons still need to be learned. Intelligent, not reactionary actions are needed. Who knows, maybe we can put the average American to work to solve this ‘crisis’ through a real mainstreet solution. Tax cuts. A mortgage stimulus rebate.
Or maybe we can get corporate tax cuts.
I just can’t begin to support or think it is a good idea to just hand over hundreds of billions of dollars to the people who screwed everything up in the first place.
I know there are smarter people who know more and work in this part of the economy that think I am a bigger problem than the bailout failing, but I guess I just can’t ignore my limited Government principles and embrace taxpayers having to pay for the biggest bailout of irresponsibility and cronyism corruption in history.
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September 30th, 2008 at 4:39 pm
You didn’t upset me, you frustrated me by your unwillingness to discuss the reality of what the bill was intended to do (as I understand it anyway).
The article you linked mentioned that the possibility that a yet to come rescue package in the next few days helped reassure the market. I’m fairly certain the next bill is going to be crammed with even more socialism, enough to get the DFL caucus to vote unanimously on it. Don’t need many Republican votes then, do we?.
And heaven forbid the economy does tank in the next 30 days, I call the right to ignore you when you are venting about Republicans getting thrown out of DC. Because this is going to be blamed on us and I shudder at the thought of what this country will look like 4 years from now under Democratic rule when the starting point is going to be a weak economy. The $700B will look like a deal at that point.
I pray that I’m being pessimistic and you are right, but I can’t talk myself into it against the advice of many people who are much better informed on this topic than I am.
September 30th, 2008 at 6:21 pm
I don’t know. I’m hearing that the next bill may be designed to get these dastardly principled Republicans on board.
As per venting: Democrats created this mess. Democrats made sure this bill failed so they could have chaos. If there is no chaos, then we win twice.
And with that I will let you know I am having my world famous breakfast all by my lonesome. If that doesn’t persuade you, then I think nothing I say can.
(Yes I know it is dinner time, but I don’t have anything of that nature)
September 30th, 2008 at 7:19 pm
Well, isn’t this interesting. I’m impressed the Republicans voted against the bailout package. The Democrats are in charge, let them vote to fix it. If voters don’t like it, maybe this time they’ll finally wise up and vote for the more conservative candidate on the ballot. Notice I didn’t say “the” conservative, because you have to pick the more conservative ones, since there is no perfect conservative candidate.
Or they could vote again for the liberal, or if you’re a “real” conservative just ignore the election although because “Conservative First, Republican Second.” But heed the warning, voters get 2 years of their choice in November.
September 30th, 2008 at 7:53 pm
I hope that you are right. I don’t like being the pessimist but I’ve based my opinions on the economy on people that know more than me and that work in the industry and that I trust. Time will tell.
But if what they are predicting is correct, we are going to have to move in together to save money.
September 30th, 2008 at 9:31 pm
Ah, so that’s why……