Thursday, October 2, 2008
Fast Tracked... Back to Basics
Fellow Blogger at BigBigBet wrote an article titled that "The Fix was In" the other day. In it, he cited a number of moves inside the financial industry which clearly demonstrates at the bare minimum favors from the government. At the extreme end, collusion and malfeasance.
Truly Monday was a short-lived victory in defeating the Bailout Package. As the final vote tally passed the Senate by a healthy margin. Now, this bill will be sent back to the House where they can either:
1. Reject it by voting the bill down...
2. Add more to the bill... where it will be sent back to the Senate once again for approval...
3. Passed as is, and sent to the President for approval.
The original bill has gone from 14 pages to well over 350 pages! Some oversight was added... Feel good legislation was added like restricting CEO pay... FBI investigations into crooked lending practices... And enough pork was added to this bill to make Porky Pig squeal.
Of the Senate debates on this bill, there were a couple of legislators who spoke for and against it. Senator Mikulski (D-MD)promised that her additions to the bill would bring about more FBI agents who would seek justice for the scam artists who caused this crisis... Senator Reid (D-NV) in a real tear jerker read a letter from a struggling middle class family in his home state, citing that these are the kinds of people that will be helped in this legislation. Senator Mitch McConnel (R-KY) read a testimonial from a constituent who ran a business claiming that the line of credit for his business had gone up nearly 300% and he would not be able to make pay roll. He also was concerned about a retired public school teacher who was on fixed income... In the back ground, Senator Dodd (D-CT) smiled all along... for he knew this plan was shaping up as a big victory and his hard and soft money supporters would applaud him.
Sure there was some resistance to the bill. Senator David Vitter (R-LA) questioned the legislation as an act of socialism. Jim DeMint (R-SC) noted that the legislation was not solving the root problem of the financial systems problems which is the housing market. However the most impressive speech came from Senator Bernie Sanders (I-VT) whom up till yesterday I had never heard of. In his Independent Party attitude, Sanders began by finger pointing at Congress for the speed in which they passed such an incredibly large spending bill. Then came the well-deserved beating of the Executive Branch of government. Sanders knows it... and most American don't... but this rabbit (Bailout Bill) had been sitting in Bush's hat for a while... and Henry Paulson's hardball approach would be enough to push it through.Let the stock market drop close to 800 points to shake up the public, and watch them squirm. It is interesting that the bill had the "tax cuts" placed in it... the same monies that could well have serviced some of the debt created in this obscene bill. Sadly enough, I did not see leadership from McCain on this bill; and Obama's speech became more of a campaign stump... It could well me that both of these candidates lost my vote today! Not that they voted yes, but I was looking for a degree of leadership or independent thinking that was not visible.
Back to Basics
As an Eighth grade American History teacher, I go back to the foundation of this great country. At Lexington Green a rag tag militia of shop keepers and farmers showed up to defend their freedoms from an oppressive British government. The minutemen who showed up that morning to defend their rights were not standing at Lexington Green for the money... or fame... or fortune. What good is money when you are staring down the end of a British musket? These men stood for an ideal. The British would bully them any longer. Show me men of character and self-sacrifice, and I will show you a great nation. In the world of business, stock options, credit lines, and self-interest, we have forgotten the sacrifices that were made so long ago. To fight against one tyranny only to allow another type to foster its growth within our own borders is a slap in the face to our Founding Fathers. That ladies and gentlemen is the real crisis facing the United States.
Posted by at 12:05 AM