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A Bill That Deserves to Fail
Diana Furchtgott-Roth
The American
Friday, Oct 3, 2008
The pending bailout legislation does not offer realistic solutions to our current financial problems.
Within the next 24 hours, House members will get another chance to vote on financial bailout legislation. They rejected the first bailout bill on Monday, and they should reject the second version, too.
The new legislation would not fix our economic problems. It contains a slew of extraneous and irrelevant provisions, such as increased spending on alternative energy and rural schools and mandates for mental health parity in health insurance.
To be sure, the second bailout bill is better than the first one, since it would raise the level of bank deposits insured by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000 and thus give Americans more confidence in the banking system. Yet Congress could pass this measure on its own, rather than rush through complex and misguided legislation.
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Congress is hurrying because President Bush, Treasury Secretary Paulson, and Senators McCain and Obama are telling Americans that the sky will fall if members don’t act. This fear-mongering has forced Congress to vote on poorly-considered legislation. Our leaders are like the two-year-old who says, “If I don’t have my way, I won’t breathe.” We should hold them to their idle threats.
In his address to the nation last week, Bush warned of dire consequences if a bailout bill did not pass: “More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically…. Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college.”
Unfortunately, the pending bailout legislation does not offer realistic solutions to our current financial problems. Indeed, it promises more than it can deliver.
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10 Responses to “A Bill That Deserves to Fail”
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October 3rd, 2008 at 4:46 am
LET IT HAPPEN. WE WILL TAKE THE RICH WHO HAVE SCREWED OVER THE WORKING CLASS WITH US. THEY ARE THE ONES THAT LOADED OUT MONEY TO DUMB SHITS WHO SHOULD NOT HAVE HAD A LOAD TO BEGIN WITH. BUT TO BE FAIR MANY HAVE LOST THEIR HOUSE DO TO LEGAL AND ILLEGAL IMMIGRATION AND THE MOVING OF GOOD JOBS OVERSEAS.
October 3rd, 2008 at 5:07 am
Let them fail!!! Write your congressman/woman and tell them if they want to get re-elected they will vote no!
October 3rd, 2008 at 5:40 am
“They want a fascist planet with the superwealthy ruling it all
Since we’re too independent, America must be led to fall
When our credit’s been exhausted to subdue the Middle East,
They’ll install our debtor nation in the body of The Beast
Traitor…Dare call it treason”
http://www.youtube.com/watch?v=uw5dP5gy2Vs
–The Cornbread Mafia
October 3rd, 2008 at 5:44 am
ain’t youall sick and tired of bushies threats ?????????????? I don’t think the current obligations of $100 thous can be met (except for the endless printing press) let alone raising it to $250 thous.
http://www.youtube.com/watch?v=ZwHKfvM_xOU
October 3rd, 2008 at 5:57 am
It started out as a 3 page bill. It ballooned to a 110 page bill by the time it was “ready for signing.” After rejection, is has become morbidly obese at over 400 pages. The problem is this: IT DOESN’T ADDRESS A SINGLE PROBLEM WHICH NEEDS TO BE CORRECTED TO SAVE THE ACTUAL FINANCIAL MARKETS!!!
Hit <a href=”http://MichaelMoore.com”http://MichaelMoore.com to see the ONLY workable plan that has yet been released which has serious potential to save the US Economy, and that of it’s trading partners.
This is a historic time, folks…let’s hope that we can look back on it and say we did the best thing possible…without consideration of the mainstream media and “temporarily sitting government” doing everything they can to terrify the world into doing what THEY want: A last-ditch enriichment of their personal fortunes before they all get pushed out of office and into prison where they all belong!
CLick here NOW to:
Sign The Petition!
Read Michael Moore’s Plan in full detail – NOT NEARLY 400 pages, and ADDRESSES THE PROBLEMS!!!
October 3rd, 2008 at 6:34 am
http://ca.youtube.com/watch?v=Bw32XCw_AvM
October 3rd, 2008 at 7:04 am
…”THE SKY IS FALLING:” said Chicken Little
…”WHAT CAN WE DO?:” asked Cockey Lockey
…”DON’T WORRY, I HAVE A PLAN: said Henny Penny…
…I’LL THROW MY PENNIES IN THE SKY AND THE FED GOD WILL CHANGE THE PENNIES INTO TRILLIONS OF DOLLARS! THE MONEY WILL COME OUT OF THIN AIR AND WHEN THE SKY STOPS FALLING; THE PEOPLE THAT WERE GOOSED CAN RETURN TO THEIR FAIRY TAIL…
…and we can go back to ours: the Land of Mother Goose!”
October 3rd, 2008 at 8:53 am
the Great Sell Out (rescue) of America continues..
ANGELO MOZILO, chief executive of Countrywide Financial Corp.: Realized $120 MILLION through exercising stock options last year while his company’s shares plummeted and made $400 MILLION through stock sales since he became CEO in 1998.
where the Money comes from Heaven only KNOWS
October 3rd, 2008 at 8:58 am
Many of the “Pundits” flood the propaganda networks with repeated denials of the problems, boasting how resilient the U.S. economy is. You know who they are. I’m not quite sure what they’ve been smoking. But it appears to be some sort of hallucinogen because they seem to expect Superman to bend the economy back into shape. Ladies and Gentlemen, in case mommy never told you, there is no Santa Claus and free wheelbarrels to push your money around. And if you think Bernanke’s printing presses have an endless supply of ink and paper, just wait until the real crisis appears. So you had better get ready because it’s coming. It is virtually Inescapable. And it’s going to cause devastation around the globe. Of course I’m taking about the likely implosion of the Overleveraged Derivatives, Speculation, Toxic Junk(Bad Debt refolded into Bad Debt over and over)and last but not least the ones at the top making oo 100 MILLION in one year means that someone is getting screwed…Figuire out who that is yet AMERICA? They keep saying it to you on your TV…this is the Taxpayers FAULT! Yep I heard it a few times and I am thinking where were we when they make 250 MILLION in stock options while the company is going under? Yep its the Taxpayer…Blame the ones who are least involved, the public might buy that for a DOLLAR
October 3rd, 2008 at 10:44 am
Messenger: This is blasphemy! This is madness!
King Leonidas: Madness…?