In Oct. 2-8 Issue
Congress has the duty to make the hard decisions. None have apparently been more difficult that the $700 billion financial bailout bill now being proposed and just weeks before the election.
The House rejected the plan and we will never know if the rejection was real conviction or just scared to vote for it.
It appears that most of working America opposed the bailout as they viewed it as a gift to Wall Street at their expense.
Did lawmakers muff an opportunity to stabilize the markets and give the economy a fighting chance to recover. Or, did they do the correct thing by not providing the bailout.
In any event it now appears they were more afraid of loosing their jobs than they were concerned about the economy.
The stock market plunged over 700 points Monday. Millions of Americans lost value in their retirement accounts or other investments. Gloom and doom existed.
Then, the following day the market rebounded. Why? Was it because most assumed the bailout was to be passed? Or, was it for other reasons.
Just as both parties deserve some blame for policies that led to this crisis, so do both share responsibility for Monday's failure of a compromise.
Rep. Jeb Hensarling, R-Texas, said, the proposal "is too much bailout and not enough workout. ... I fear that taxpayers may end up inheriting the mother of all debts." The solution may have to shift more of the risk away from taxpayers and onto private firms.
What bothers us the most is the fact the answer to this dilemma will without a doubt be based on what is best for the political parties and what is best for Washington.
To tell how serious this problem really appears to lawmakers, the House was not even in session on Tuesday and the Senate was only available for discussion and no vote.
The major topic of discussion Tuesday was the fact they all agreed to raise the FDIC insurance from 100,000 to 250,000. We are sure the average working taxpayer will now be much relieved that the $200,000 in their checking account is now much safer!
Surely, surely, surely, lawmakers can place political blinders on themselves and for one time work and vote for what is best for this country and not for what is best for Democrats or Republicans.