Ron Wormus wrote:
I tend to agree with Paul Krugmen on this one--he hates Bush, doesn't like Wall Street, but thinks the bailout's necessary. analysis: <http://krugman.blogs.nytimes.com/> Yes but maybe he is only half right. Of course it is necessary -- and it will pass towards the end of the week when the Stockholders of the big investment houses are finally treated (i.e. mistreated) in the exact same manner in which the the Stockholders of Washington Mutual, the nations largest lender were treated. IOW they will get a few cents on the dollar of equity instead of the VERY generous plan which was rightfully defeated. Why favor Wall Street over Main Street? Thankfully, there was some remnant of sanity in DC -- and that brain-dead and elitist Bush plan was defeated. Hallelujah for that. BTW the more tangible reason- aside from basic fairness, or lack thereof - in the original bill, is that Politicians up for tough re-election races went with the populist sentiment. They always do in times of crisis. Congressional Quarterly notes that of the races deemed “competitive,” 85% of the incumbents voted against the bill. Thank goodness for that. Thank goodness that the populist sentiment in general this year - as it does not favor McSame either - and if the incumbents are reading the cards correctly - which they often are of they would NOT be incumbents - then this back to basics populist factor with the electorate may be enough to overcome closet racism and the Gidget and the Geezer, DOM effect. We do not need 4 more years of Bush. Jones
