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Sundries
...a sweatshop of moxie

Thursday, October 02, 2008

It Passed

I don't have too much to say about the dramatic Bill which passed late Wednesday -- the Dodd Amendment to the so-called "bailout" as voted 74-25 by the US Senate (the 1 absentee was poor ailing Senator Kennedy).

Every sitting Senator who ran for the Presidency this year, voted in the affirmative: Obama, McCain, Clinton, Biden.

I am a fiscal conservative, but regrettably, I support this rescue plan. I feel the US economy might suffer irreparable damage if it doesn't pass, due to the liquidity situation affecting depressed markets and stressed credit lines, which in turn affect every single American business.

I don't know how to put my position any plainer than that, albeit like most people, I come to this issue as an amateur. My abortive PPE degree (I switched to History in my second term) gave me precisely one term's worth of economics classes, so I am on unsure footing to speak about this situation at length.

However, I will say this.

Observing opposition to this Bill has been a real eye-opener. You know something is up when Michelle Malkin and Alec Baldwin are both viciously agreeing on something.

And that something isn't good.

IN THE COMMENTS: JSU, who has one of the most finely attuned political instincts of any person I've met, writes:

Vic, I believe it's called the Dodd Amendment not because it amends the original text rejected by the House but because it jams that entire thing (plus maybe some revisions, not sure what) in as an amendment to a totally different bill (the pork tax break extensions everyone's complaining about) that was already passed 93-2.

Ace of Spades has an explanation of this. (It was done for Constitutional reasons.)

Anyway, I'm with you on this, particularly the last bit. A lot of people have shown themselves unserious at best, sinister and exploitative at worst.

Labels:

2 Comments:

  • Vic, I believe it's called the Dodd Amendment not because it amends the original text rejected by the House but because it jams that entire thing (plus maybe some revisions, not sure what) in as an amendment to a totally different bill (the pork tax break extensions everyone's complaining about) that was already passed 93-2.

    Ace of Spades has an explanation of this. (It was done for Constitutional reasons.)

    Anyway, I'm with you on this, particularly the last bit. A lot of people have shown themselves unserious at best, sinister and exploitative at worst.

    By Blogger JSU, at Thu Oct 02, 04:13:00 am GMT-4  

  • Victoria:

    I am aware of the unprecedented risks, and believe me, I too have skin in the game. But I’ll raise you one. I think the current situation is so precarious that even the $700 bln will not save enough banks. I think the treasury needs to save that kind of outlay to back Fed stimulus down the road.

    The situation is a "first, let’s save the patient’s life, and then we’ll worry about getting him to quit smoking" scenario. Bernanke and Paulson are the doctors, and we the people are the patient (but should not the entire body of elected officials be at risk here too?)

    For my part, I’m looking for some sort of language to materialize addressing whether oversite over the relaxed credit situation will emerge. If language like that appeared, or even if McCain or Obama talked the talk, I’d be willing to cave. But than again, I am but a lowly humble chicken.

    Look, enough bipartisan support just might materialize tomorrow in Congress for the entire package to go through. [But as I write this, I just received an electronic newsletter from my Congressman, stating that his opposition will continue]

    Now here are some political thoughts:

    I’d like to see some hard metrics concerning the following:

    Are Obama voters in general more highly leveraged financially? Upper scale urban coastals


    Is there a negative correlation between FICO score and the likelihood of voting Obama?

    By Blogger chickenlittle, at Thu Oct 02, 03:56:00 pm GMT-4  

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