Diary

Bailout II: The Search for More Money

The Senate just passed the bailout plan by attaching it to an already passed bill and amending that. Hold still my beating heart; I thought things would get better after Monday’s vote. I thought I saw backbone in House Republicans.Lo and behold today the Senate actually passes the thing.

But things are now worse.

I’m not talking about the markets, they are better now than they were Monday. I’m talking about this bailout plan. How do they plan to get it passed by the House? By tacking on as much crap that people want as they can.

Now the bailout is MORE COSTLY. That cost will be covered not by some imaginary man somewhere else, but by the American Tax Payer. So they tacked and tacked all these goodies on the bill, and they all cost money.Where was the amendment that CUTS SPENDING? It’s not there. We are on a disaster course, and it is not because of some bank that is too big to fail; it’s because we are up in our eyeballs in debt.

Here is a novel idea. Make the stance known that we won’t let the economy fail. Go back, have every policy wonk and economist you can cook up think about this. Come up with something that is the best possible solution and not just the first thing to come to mind.

I’m against this bailout. I’m not against finding something that works. This idea has only been around for two weeks, we as a country are being rushed into doing something under the impression that an emergency exists.

I can only hope that there is enough resistance in the House to vote against this. I’m not sure there is. Let’s do something about the problem, but we need to proceed with caution. Spend some time, this is a trillion dollars of tax payer money – I expect the government to be hesitant and guarded with such a sum of money.

From all the signs I have seen, they have been hasty and unrelenting. I’d much rather face trouble in the next week or two than have to worry about the country completely breaking down in a few years. We can’t just play short term ball, we have to look to the future. Figure out what is best for the long term. Find a plan that will help out the markets while ensuring that we have sustainability.

Is that too much to ask for?