In a blow to Paulsen and the Bush administration, Congress voted down the 700 billion dollar bailout package. I'm not really sure how to feel about that -- on the one hand I'm glad that Congress saw that bailing out a corrupt Wall Street was a heavy-handed move against the American taxpayer, and on the other is the worry-wart wondering if Congress is about to propel us into Great Depression II.
For the most part I am willing to suck it up and accept a bailout of Wall Street, sure the large banks of America are to blame for this mess (bad government policies may have opened the door, but bad banking decisions shoved us through the door) if banks keep tanking it will make all of our lives far worse off. I think that this bailout needs to be a little more even handed to home-owners who are actually suffering from the sub-prime mortgage debacle. For example in markets of declining value, I would suggest allowing homeowners to go the Fed in situations where they have an un-refinancible mortgage. The only help for suffering homeowners that the bailout package provided (at least to my understanding) is to help homeowners keep their homes if they land in bankruptcy -- if banks can be bailed out of bad debts well before bankruptcy becomes an issue distressed homeowners should have the same opportunity.
The Wall Street Journal has reported that Republicans may not have voted the package down because of its merits, but because of Speaker Nancy Pelosi (D-California). Apparently the Speaker gave a highly partisan address before the vote which angered allot of the Republican lawmakers. In her speech she laid blame for the crisis almost solely on the President and the Republican party. I hope you are thinking.....WHAT THE HELL! Basically, we may be hanging on the thread of the first depression in seven to eight decades and the reason our lawmakers fail to act is Partisanship. I would be fine with the package being voted down due to the bills poor conception, but voting it down because Ms. Pelosi offended the ego of the elephant party is unacceptable and an indictment of the collapsing two party system. I long for a system and leaders who are most concerned about the good of the nation and not the good of the party.
Maybe the time has come for some kind of abolishment of the two party system in elections, I'm not saying outlawing the Republican or Democratic parties, I'm arguing we end party affiliations for elected officials. I mean when we vote, there is no more R and D by the candidates names -- instead of the R & D, a synopsis of the ideals that each candidate supports and plans for how to make our nations and communities better. I guess I'm thinking of a political system kind of like Dr. Seuss's "The Sneetches," if you have never read it I suggest you go to your library and check it out -- it might be the best way to end the partisan bickering and bottlenecks that keep plaguing Washington.
Heaven Help our Leaders Grow Up!