Three (new) things have been bothering me today in regards to the economy and the bailout.
American sentiment - we've heard about the outrage. We've heard about people contacting their reps. Hopefully many of the ATS Americans have
called, emailed or faxed to make their feelings known! We're angry; we're perhaps more angry than we've been since the Vietnam protests, and
we're showing it.
As an example, take a look at this page here
some videos on the page have mild coarse language, don't watch at work, if kids are around, or if you don't want to hear the S-word)
It's a compilation of videos showing sizable protests at Wall St. against the bailout. They're good protests, too, the kind of protests from the
days of yore. Nobody is rioting or looting, nobody is being beaten down or hauled off in handcuffs to temporary detention centers.
That's America right there, if you ask me.
Have you heard anything about these protests? Any coverage on the news?
I'm hearing periodic references to Americans contacting their reps, a general comment that many Americans are against the bailout, but over the past
two days those comments have been offset by the talking heads basically saying that the American Public doesn't know what's best for them. "Well,
Bob, there's a fair number of people who don't like the idea of this bailout. Now let's talk to our next guest, an EXPERT, who will explain the
sheer and utter CATASTROPHE that will happen if we don't pass the bailout bill."
Not a word about the protests. Not a word.
One thing the media has been covering, though, is John McCain's statement from this morning.
Republican presidential nominee John McCain is urging the Treasury Department to intervene aggressively to limit damage from the financial meltdown,
action that McCain says President Bush can take with the stroke of a pen.
McCain said he has urged the Treasury to use its exchange stabilization fund "as creatively as possible" to backstop the market crisis. He says
officials also should use the authority granted in a housing bill to purchase up to a trillion dollars in mortgages.
"Use the athority granted in a housing bill to purchase up to a trillion dollars in mortgages"????
We've got voter sentiment RESOUNDINGLY against spending this much taxpayer money to bail out irresponsible lenders and investors, and an elected
official is encouraging the Treasury to ignore the legislative process?
And we have a housing bill that will let Bush make a "stroke of the pen" to spend a TRILLION dollars on toxic mortgages?
I don't know anything about this housing bill, and I'm trying to find out what exactly we're talking about here.
The GOP candidate also suggested wielding authority to purchase $1 trillion in mortgages. A housing bill Bush signed July 30 included $300 billion in
new loan authority for the government to back cheaper mortgages for troubled homeowners.
This is apparently HR 3221
- Housing and Economic Recovery Act of 2008.
I thought this economic crisis was a complete surprise to our elected officials just two weeks ago. Apparently not.