The shifting tide of public anger may yet save the controversial $700 billion financial bailout passage.
When the House of Representative overwhemlingly rejected President Bush’s package Monday, some felt it was a Congressional caving to anger back home at the use of taxpayer dollars to save big financial firms.
But as the reality of Monday’s action sank in, public reaction shifted and reluctant Representives now appear ready to take action, any action, to calm the situation.
We may have witnessed the final implosion of the Bush administration with the rejection of the president’s $700 billion bailout package.
Repudiation doesn’t come much stronger than having 133 House Republicans ignore President Bush’s plea that "our entire economy is in danger" if the bailout didn’t pass. Brushing aside also the pleas of the administration’s two top economic spokesmen, Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, the Republicans provided the bulk of the 228 "no" votes.
The current financial crisis and proposed bailout remind me of Jubilee, the Jewish ritual year described in the 25th chapter of Leviticus.
Jubilee occurred every 50 years, and it represented a sort of return to a financial Square One for the Jews: debts were forgiven, property that had been sold was returned to its original owner, and any Jew who had fallen into indentured servitude because of debt was released of his obligations.
In short, everyone got a fresh start every 50 years. Needless to say, it’s been a long time since this ancient ceremonial year was observed.
Under normal circumstances corporate boards set the compensation of their chief executive officers and stockholders have an opportunity to voice their opinions about the fairness of their actions. But these are not normal times, at least for the nation’s financial institutions, and a whole new set of rules seems to apply.
Do you know what a credit default swap is? Neither does Wall Street apparently, even though the investment banks and brokerages sliced and diced them, traded them, loaded down their customers with them and — who knows? — perhaps converted them into nutritious, high fiber snacks and sold them to the public schools.
When it comes to sports teams, I’ve always been cursed with a severe case of monogamy. For example, even though I’ve lived in the Denver area for nearly two decades now, and one of the NFL’s best-run and most successful franchises is just around the corner, I’m stuck rooting for the team of my childhood affections, the indescribably awful Detroit Lions.
On behalf of the National Society for Creative Irresponsibility, of which I am a charter member, I wish to congratulate the Bush administration for the projected $700 billion bailout of the Wall Street wheeler-dealer community.
Does sexism pay? One study out this week says "yes," especially when the ones falling behind in the pay gap are so-called egalitarian men.
The rollout of the proposed $700 billion bailout package was accompanied by all of the least attractive characteristics of the Bush administration in action.
The package was sprung on Congress and the public suddenly and over a weekend and with a bare minimum of details. The initial proposal, vesting immense powers in Treasury secretary Henry Paulson, was only three pages.
There is no way Congress is going to go home to the voters at the end of this month and be open to the charge that they did nothing about the financial meltdown in the credit markets.