Holy crap.
Personally, I don't think that this $700 billion bailout is a good idea. That said, we've got to do something. The government needs to concentrate on shoring up the banks' loans and deposits, as well as providing funding for strong banks to buy weak banks. That's the only way we're going to get some long-term stability in this market.
However, the House Republicans appear to have rejected the bailout simply because of party politics. Not because it's a bad plan. Not because the public doesn't like it at all. But because it's a Democratic plan. That is beyond reprehensible, and I hope that the Democratic Party goes to town on this in the next few weeks.
Watching MSNBC now. I'm liking Barney Frank more and more every day. "I'm appalled that because someone [Pelosi] hurt their [House Republicans] feelings, they decided to punish the nation." And he obviously knows what's going on.
However, the House Republicans appear to have rejected the bailout simply because of party politics. Not because it's a bad plan. Not because the public doesn't like it at all. But because it's a Democratic plan. That is beyond reprehensible, and I hope that the Democratic Party goes to town on this in the next few weeks.
Watching MSNBC now. I'm liking Barney Frank more and more every day. "I'm appalled that because someone [Pelosi] hurt their [House Republicans] feelings, they decided to punish the nation." And he obviously knows what's going on.