Some of us worked all day today only to leave work in time to find out that the financial markets are imploding due to the complete incompetence of our political leadership. Sure, the finance geniuses who leveraged up to buy worthless debt paper merit come culpability for their years of malfeasance, but don't pay their salaries. I pay the salaries of elected officials who are charged with regulating the inherent greed that moves the markets.
This is a disaster. The final bill was fine, as far as anyone could tell, and those against it have no idea the depth to which the worldwide economy may fall with the freezing of capital. I totally empathize with the sentiment to allow the knuckleheads who engaged in alchemy and lost money to smolder, but the problem now is that the house is on fire and everything will be destroyed without a rescue. And the rescue failed.
Stunning. I heard Joe Scarborough on MSNBC, someone I don't regularly agree with, and he said point blank John McCain is hurt the most with this because he made the issue a presidential issue and he failed to deliver the necessary Republican votes. Secondly, Speaker Nancy Pelosi is to blame for putting such an important bill up for a vote, before the world's markets, without KNOWING it would pass. I could not agree more.
Sure there may have been a better way to fix the credit crisis, but right now is not necessarily the time to argue about the make of the fire truck we need, let's just start pumping water. This crisis can escalate rapidly as hedge funds and mutual funds need to sell more to cover redemptions over the next few days. The conflagration can explode, but even if it does not explode the risk is not worth taking.
Who the hell is running the show? WTF!!
Even those of us who have lightened our stock exposure these past several months know the importance of passing this bill to unlock the credit that lubricates the world's financial markets. The guy working at the corner muffler shop, or single mom slinging hash at the local eatery, may be sentimentally correct when they rail against the bill, but they will suffer too when their employers cannot clear enough capital to back their paychecks this week or next.
Kudos to the legislators who put politics aside to vote in favor of this bill, as flawed as it may be-- now go back to work and get soemthing passed this time!