When money markets broke the buck last week triggering a ginormous run, yes, that was a crisis. A serious one. And it was averted. Paulson and Bernanke did good here.
But what is not good is that they tried to use this to hoist the bogus bailout bill on us. The bill where they want dictatorial power, no oversight, to be able to ignore the law, and to buy garbage securities at inflated prices to Wall Street firms, some of whom are currently being investigated by the FBI.
The calls, emails, and faxes to Congress are working. So, let’s really ramp up the pressure on them now and double the volume of messages.
The calls and e-mails are making a difference. Members and staffers are talking about it in the halls and in meetings. The volumes are big (although as big as when the NRA or AARP mobilizes their members) but they’re all individual. And they’re running 99-to-1 against. If you read the capitol hill press (Roll Call, Politico, The Hill, CQ, National Journal), you can see the developing dissent among the rank-and-file on both sides. A lot of that is being driven by the calls and e-mails from back home. Keep it up!
Investor and financial writer David Merkel (who voted for Bush twice) details why a bailout probably is not needed. He says, call their bluff
So, I look at this crisis, and think that if we wait for four months, the situation might be better, and no bailout will be needed. If not, the next administration, not lame duck, would face the consequences.
BTW, where’s Dubya? He’s just plain missing in action, isn’t he? Well, better he be useless than actively screwing things up.