WE'VE MOVED! Democratic Convention Watch is now at http://www.DemocraticConventionWatch.com
It is Rosh Hashanah, Jewish New Years. Last night, in addition to synagogue services there was dinner conversation, and parking lot conversation. Let's just say that I spoke with some people who do not exactly share my personal political leanings.
I read all the comments everyone makes. You write it, I read it. And I know a lot of you think it was an okay thing that the bailout failed. I also know, because I review the DCW poll responses, that a lot of you didn't want to call your House Reps and Senators ahead of the vote.
So here's my intersection: if you read DCW, you're interested in polling numbers. And it was polling numbers, and consitutent calls (which are, a self-poll in a certain way), that made a lot of the people who voted against the bailout do so. What voters THOUGHT and SAID caused the vote to fail. What YOU said (or didn't say) to your Rep affected the outcome of the vote. Polls matter, calls/e-mails to reps matter.
Regular people did not understand what was involved. The government did a crappy job of explaining the ramifications of the failure of Wall Street (ostensibly because they didn't want to scare people), and the Reps, all of whom up for reelection in 35 days, responded to their constituencies. They do not want to lose their jobs.
If you have a Democratic rep, you have an opportunity to call them now, and say: rewrite the bill, leave in the provisions that are there, and ADD consumer/taxpayer/homeowner protections. Make the bill MORE left wing, and then if the caucus is whipped properly, no Republican votes are necessary. If you have Republican Rep, you have an opportunity to call and say "I was wrong - I want whatever bailout the Democrats put forward." This will work with everyone who is not a far right wingnut.
If you have a wingnut Rep, call and say "You preach open markets, and true capitalism; the markets are screaming for help." The young wingnuts don't remember BEING a Rockefeller Republican, but that IS what that party used to be.
Yesterday, the value of investments went down by $1.3 TRILLION dollars. That's your retirement, your kid's college fund, your savings, your investments. That is access to mortgages, car loans, student loans, and the ability of business to procure raw materials, goods, services, and eventually, to fund your paycheck. Banks were nationalized in Europe, one banker has already thrown himself in front of a train. And if you think this can't get worse, you're wrong.
Point is -- CALL or WRITE and tell them to pass a revised bailout. Most all the House is home for Rosh Hashanah, and will be back in DC on Thursday. Phone lines are open, operators are waiting for your call. Reps know that if you call, you vote, and they want you in 35 days.
I'll be back tonight to read and answer your comments -- if you want to be angry at my position, so be it, it won't be the first time. But PLEASE, be a citizen, get involved. Help save our country - the business of government is more than just voting on election day.
Logging you in...
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Blame · 858 weeks ago
What worries me is that if it is there will be a depression.
It is a last desperate atempt to prop up a system that is fundimentaly unsound. A mountain of bad debt that if left can only grow bigger. This bill does NOTHING to reduce debt. It just transforms imaginary wealth into real debt to the Chinese.
Let the banks fail. Regulate the losses so they are spread fairly but let the investers take the hit. Then go & rout out all the hidden losses. Bring in the regulators. After that American can work with a honest market & people can start putting their money into things with real value.
That market loss of $1.3 trillion was never real money. It was an admision that the gig is up. That the cover is going to come off & all the worms revealed. Lets just hope it is not too late.
Mark · 858 weeks ago
"Regulate the losses so they are spread fairly..." What does that even mean?? Clearly you don't understand but you feel anger the huge $700 Billion number that keeps being mentioned. This is not something that will reset itself when the bad guys are punished and honest market prevails. You're thinking of the tech bubble or something, but those talking points don't apply to this situation. If you think that $1.3 trillion dollars is not real money then you obviously don't have and 401k's or are not on the verge of retirement. Business are failing because of the 1.3T.
This is not a huge payday for the big rich banks and wall street fat cats. The banks might get only 30 to 50 cents on the dollar. The bank will book losses on this day one! The government takes possession of the bad assets and the credit market gains a hell of a lot of liquidity. And again, its not a gift of cash. The government is buying an investment at a fraction of its price. When people pay off their loan the governemnt makes money. If the housing market recovers then the government makes money. This is all about confidence. Right now there is none. The last time that happened was the 1930's. Do nothing and that is the course we are on. Do something and we can start the long hard road to recovery.
Jack · 858 weeks ago