So What do You Think About the Bail Out?

The bail out was on. Then it was off to buy time for McCain. Then it was on b/c McCain and Obama left for the campaign debate. Then it was off because 95 Democrats, 40% of Dems in the House, were afraid of what a corporate bail out with no similar bail out to homeowners, small farmers, and college students (who are not even being considered as part of those wronged by predatory lending) would look like. An 135 Republicans also voted against it, some because of a “failure to provide incentives to banks” (ie more perks), some because they don’t think it is a good idea to bail out corporations with perks while their constituents are so angry about it (same for some Dems), etc. And so now the second attempt to pull off a bail out has tanked.

Wall Street and the Dow have taken a huge hit and speculation on which bank will collapse next is hitting the airwaves. Walkovia was bought out this am seconds before its collapse. And the Dow Jones is down more than 700 points.

At least one analyst, according to my conspiracy loving father, has said the whole thing was a plot to make the new government look incompetent. It was not supposed to happen until after the new government took office and it was assumed that the Dems would win at the time.

Others have argued that Congressmen and the Cabinet all have interest in banks and they have been making so much money, and will make even more with the bank buyouts going on, that this crisis is kind of like the health care crisis to them: completely irrelevant to their lived experience.

So what do you all think?

—–

mignanelli co. 2008

8 thoughts on “So What do You Think About the Bail Out?

  1. The bailout is shameful. Even more shameful is the money that these so-called CEOs, will leave with, after the mess they’ve created. The question I have is: Why do the American people tolerate such foolishness and nonsense?

  2. Prof BW–I like your new site! Nice design.I just think it’s fascinating how we can find money to fix some things, and not others. What kind of national health plan could we buy for $700B? What kind of education could we buy for K-12 students for $1 trillion? I’m sure congress will get together to pass some kind of bailout for Wall Street, although there are no guarantees that we’ll get anything for our money. We have to remind conservatives that they really can’t use the expression "just throwing money at the problem" any more. Lots of money can fix lots of problems in health care and education as well as in the for-profit banking industry.I think Obama will sail to an easy victory in November because of this meltdown, but (like your father) I’m concerned about the Augean Stables he’s inheriting from Bush & the 1994-2006 Republican-controlled congress. And, congressional Dems are notoriously spineless & lack party discipline by comparison to their Republican colleages. The Republicans will do their best to lay this on Obama–and they’re much better at politics than the Dems are.

  3. hi all! :DMissprofe – this is my question as well. 1st they abuse and steal from us and then we pay them for it . . . ?!?abw – be afraid. be very afraid (the debt crisis is about to make me champion google . . . wait for it)historiann – thanks. I really like squarespace a lot so far.😀 your bleak description is only tempered by how true it is . . . you’ve hit on all the things we are not saying: ed, health care, social programs, we could have funded them all with what we’ve spent on war and this bail out (and sooner or later they will bail them out) . . .😦

  4. Regardless of whether or not it was planned to fail with the Dems in office, everyone saw it coming for months and no one did anything until it was in a place where a poorly-conceived "emergency" bill could be shoved down our throats. Even though the first attempt failed, a later bill is likely to be a minor revision, not the completely new plan bottom-up bailout we need.Another perspective: “Gender, Race, and the Bailout”

  5. I’ve been very frustrated by the fact that the Republicans are taking credit for stopping an unwanted bill but what they are fighting for is CEO’s rights until that changes you are right it will only be a modification.

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