(Exra-linky version.)Not angry, just stunned that this isn't clearer to the masses and Congress, not that I would expect mental midgets like Pete Hoekstra to understand the ramifications of a credit crisis. I find it slightly amusing that everyone comes out of the woodwork to pontificate their grand theories of social engineering at a time of hair-on-fire crisis.
I could be wrong, but I'm pretty sure I'm not. look at LIBOR , look at HIBOR , look at the bank failures ,BIG banks, look at European agencies now bailing out their banks. Look at the fed needing to backstop money market funds. This is heady stuff... not seen in our lifetimes. Sure, the trickle down has not hit us yet, but be sure this will be profound and long-lasting .
Now the bill is up to $850,000 "festooned with all kinds of Christmas tree ornaments" (as J. S. McCain would say) to ensure passage. Unbelievable. Ten days late and ridiculously overburdening. Municipalities and small businesses are forced to pay higher rates to borrow, if they can borrow at all, which will stagnate the economy and cost you and me money. Will foreign investors "forgive" us for this dithering, or will they punish us by refusing to buy our debt and thus make us increase the interest we pay? The answer will come very soon.
I can understand that the Cheney administration has cried wolf before and the mantra is old. I understand that the budget is a mess and we need to be more fiscally responsible. Our garage is full of oily rags and gas cans. This is even more reason to be adult about this and put out the fire now before our house blows... accept the debt paper, quickly. This has nothing to do with food stamps or education grants or whatever.
Even with rapid passage of a rescue, or bailout, or whatever, this may still devolve into chaos.
Really stunning.
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