Tomorrow the House will vote on the revised economic bailout plan. It is designed to be an emergency lane for our careening semi truck of an economy apparently gaining speed as it roars down the mountainside. Somewhere along its downward trajectory, the semi hit a pig, because there is pork all over the sides of our safety lane. But that's okay. The presence of pork is how we know for certain that the emergency lane was constructed in the United States of America. (Of course the tax breaks to corporations included therein is just total bullshit!).
This bailout plan is not a scenic route and it will not get us going in the right direction, but most economists and I (for what it's worth) agree allowing the economy to tear down the mountainside will take out far too many people, businesses and yes, financial institutions, along the way.
What surprises me is how few Americans seem to agree with me. I saw on the local news that 100 to 1 constituents were faxing in messages to their representatives arguing against the bailout. I heard that phone calls in this area were running at a ratio of 1,000 to 1 against the bailout. Though I understand this reticence of the average American to bailout poorly run financial institutions and the foolish folks who got in over their heads with unreasonably large mortgages and second and third mortgages off the original, this is no time for "I told you so." We're in trouble here, folks.
We are our brother's keeper if not morally, than literally. And he is ours. Though my family and I work to live within our means and have good credit, we may not be able to get a home or car loan. We most certainly wouldn't be able to refinance in the case of an emergency. Though we didn't directly participate in this mess, we, like all Americans and millions abroad, are experiencing the ramifications of this financial situation.
In that we live in a participatory democracy, I do have to take exception to those who say they have no culpability in this situation. As I noted above, my family did not directly contribute to this situation, but I was aware of its presence for years. I predicted several years ago this bubble would pop and millions would be homeless because of it. I didn't once contact my representative during this time. For millions of Americans, they were simply not paying attention at all, and therefore couldn't predict a burst bubble or even an election day, for that matter. I believe most Americans could have done more than we did to protest the abuses of Wall Street and the inept policies of our ELECTED government.
It is easy to say "I told you so." It is easy to call a congressperson and protest a controversial bill. It is a more difficult thing to be a disciplined citizen aware of the political and economic goings on in one's city, county, state and country. I have not been the best citizen I could have been. I'm sure most of us, if we're honest, would say the same. And when we fail to insist that our interests be fairly represented, the policies of a few that serve only the few reign. Once that happens, as we have seen, it is a dear, dear price that has to be paid to get our interests back on the bill in any form other than pork.
Funny Battle Royal Game
3 years ago
1 comment:
Thank God the bill passed. An unpassed bill in addition to the aweful unemployement and job loss figures could have been the final death blow to this econmomy. Luckily, as imperfect as the bill is, it will bring liquidity to the lending market and do a number of other helpful things as well. I am happy to see that the bill included help for our vets and aid for families going into foreclosure. The bill was enough to stave off the worst case scenario and gently dump the economy into the inevitable recession. I'll take a recession over a depression any day.
Post a Comment