Its Going to Pass - Time to Move from Recklessness to Responsibility

Written by: publius on Sep 29, 2008 10:30 AM EDT

Linked to groups: Georgians for Clean Renewable Energy DFA, DFA Atlanta Alumni Crew, Macon - Bibb County DFA

Obviously, Congressional leadership and much of the rank and file have been convinced that there is a real collapse and panic in waiting.   One might say that  the biggest faith based program of all time  has been an investment policy that moved individuals and institutions to hand over their money and financial security for Wall Street to dump into its nebulous global finance creations.

Now that the miracle work promised by the laying on of hands by the full faith and credit of The United States of America is about to commence, let there by light on a new investment policy in America.  Keep capital at home for reality based enterprise that puts Americans to work on rebuilding decaying infrastructure and building the foundations of a sustainable economy.  Time to plant the seed corn that Wall Street and its global capitalists have been glutinously feasting on with the blessings provided by the disastrous Reagan Bush tax policies.  

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092900623.html?hpid=topnews

"If we do this and it works right, it's most likely that people will never appreciate how close we came to the brink. So there's not much political upside to this," said Sen. Judd Gregg (R-N.H.), the lead negotiator for Senate Republicans. But lawmakers are ready to support the bill, Gregg said, because they know "we are facing a crisis of proportions that are almost incomprehensible."

Meanwhile, Democrats meeting nearby in the basement of the Capitol also heard a rallying cry from their leaders, who won support from some surprising corners. Rep. Jim Marshall (D-Ga.), who represents a conservative-leaning district and is a frequent GOP target, told his colleagues that passing the legislation is more important than winning reelection.

"I am willing to give up my seat over this," Marshall said, according to one attendee.

Congressman Marshall, with your voting record, I was not aware that any such issue could exist. 

Given the nation's reckless tax, budgetary, energy, trade, and imperial military policies that have made the daily functioning of government and business dependent on foreign creditors, it isn't really a stretch  to  concede  that Paulson and Bernanke were not crying wolf even as they were asking for the blank check.

It should be acknowledged that this bill isn't a blank check.  There are several layers of oversight in the legislation.  Paulson has been reported as planning to spend about $ 50 billion per month in this rescue.  That could add up to $ 200 billion by January 20.  This bill and the financial malpractice that birthed it have made a change of the party in power at White House even more imperative.  November 4, 2008 looms.  

Tags: