Thursday, October 2, 2008

Senate Passes Bailout version #2

So the senate has passed a new version of the bailout bill. With some new little perks, most of which still do not benefit those who will spend their lives footing the bill to save those who couldn't fix their own problems.

See my last posting to know my view on pretty much any bailout bill. Borrowing nonexistent money at a huge cost to clear up the books of lost money so that these already powerful people who have plenty of their own personal money can get a little more of each.

Inevitably I see some version of a bailout bill passing, but its satill a bunch of money being thrown to cover up a problem without actually taking care of the root problems, just the results. Many countries have been advised by us before to let the markets correct themselves, and keep government out of it. But, as usual our government couldn't contemplate such a concept for us, the ones who should matter a little more considering our overall wealth and power throughout the world. Instead, we'll go against our own advice, and use the problematic people to oversee how to fix all our woes, which they helped to create in the first place, to an even larger degree than all the other countries we advised before.

I heard someone mention, I think it was Glenn Beck (whether they were his words, or quoting someone else), that Oct 29, 1929 wasn't the Great Depression, but was an anomaly that would;ve corrected itself and registered as a minor economic blip in the course of our history, but that the Great Depression actually happened because of all the well-intentioned government programs set up and designed to "rescue" our economy. Too bad that 10 years into the programs our country still saw 20% unemployment....so much for a good rescue. Why is it I see the same (while maybe not 20% unemployment)type of recovery this time around if our own leaders in the government can't keep their mittens out of this proverbial oven?

And one more question- aren't there 100 senators in the senate??? With a total tally of 99 votes going yay or nay, who didnt vote (or just vote themselves present)?

1 comment:

scotterb said...

Yeah, the crash of 1929 was going to cause a recession because it had been a speculative bubble built on easy credit (margin buying, etc.) and when credit dried up it brought the economy to a halt. The government response of protectionism and original efforts to cut spending and "tighten our belts" made matters worse. I think the Roosevelt New Deal was actually the right kind of plan -- to spend money to get the economy going. Alas, given that we are now over $10 trillion in debt, more debt isn't going to be beneficial. We've been having a big party for about three decades, and I think we're about to experience a hangover.