House Votes for Economic Collapse
I don't have to tell you unless you live in a cave in Pakistan, although even there some Muslim is probably laughing at American stupidity: the bailout package was rejected by the U.S. House of Representatives. I can't blame the Democrats, after all if there is an economic collapse there will be millions more poor people in this country and as we all know, poor people as a group are stupid enough to continually vote 100% Democratic no matter how much leftists in Congress screw up our economy.
With an election coming up the idiots voting against the package do not want to appear as if they are bailing out Wall Street Fat Cats, although the number of those is quite small compared to the millions who will now see their 401k's shrink to almost nothing.
As for Republicans who voted against it, I have no doubt, even though I have not read it, that they voted against it because it most likely contained Liberal demands that if there are any eventual profits made that they be spent on affordable housing or that there be some punitive taxes against all the banks. I'm willing to bet lunch that Liberals were trying to extort some socialist concessions from Republicans in order to pass the so-called bailout package.
The Democrats created this mess with the passing of the Community Reinvestment Act which Saudi-ass-kisser Jimmy Carter signed in 1977. For those not familiar with the act, this piece of crap legislation was passed to extort banks into lending in inner-city neighborhoods or else have their requests for expansion of branches denied. Although we have all heard about good intentions paving the road to hell, the Community Reinvestment Act paved a 6 lane highway there.
Meanwhile gold, which dropped down below $750 an ounce only a few weeks ago has regained a lot of its luster when it traded above $920 earlier today. Since I own a lot of gold, I cannot wait for Obama to be President; I certainly will be voting for him.
Failed Bailout Shocks Market Video
Updated Disclaimer
To be clear: This rant is against politicians, and only politicians, who voted against the bailout not because of disagreement with any parts of the package but because they are coming up for re-election. As I wrote above, I excuse those politicians who voted against it if they had valid and sound reasons to do so, such as Liberal/socialist pork unrelated to the financial problems being addressed.I do not have a crystal ball and I don't know whether the package long-term will be good thing or not, but that is not the issue; let's assume that failure to pass the package could lead to a further financial meltdown, then rejecting it for the sole fear of not being re-elected is sheer stupidity (if not sabotage).
Certainly there is nothing stupid about any politician (or anyone else) who has valid and sound reasons for being against the so-called bailout package; for example, although I have yet to consider the details of the package, Francis W. Porretto in his article Faith And Credit gives us good arguments for why we should in fact reject it.
