At the end, it seems everybody realized the situation was so dire for the economy of the United States -and also for the global economy- that there was no solution but an agreement by both political parties on a bailout. And on Sunday, after many discussions, many proposals and many disagreements, a final 110-page rescue bill was drafted. Now, comes the final vote and even if nobody expects a set-back, the whole financial world seems to be holding its breath. Today, Monday, President Bush said the vote would be difficult, but he urged lawmakers to pass the bill promptly. While the House was planning to act today, the Senate schedule was uncertain. A vote might not take place until Wednesday or later but Senate vote-counters were confident they could get the needed support.
I have to say that as a mere taxpayer, I am not sure how did we arrive to this situation. Was the whole country sleep at the financial controls? And yes, I am blaming mostly the politicians, because, after all, that is why we elect them and pay them and put them in charge. How much confidence can one have if they behave the same way taking care of the country and its citizens when they deal with rogue countries? Let us hope we don’t have to go into that situation. Coming back to finances, not having read the 110 pages of the bill, I don’t know how protected we the taxpayers finally are. It seems the proposed change of the bankruptcy laws demanded by some of the parties that were working in the bill has not been included. And I very much fear that is not helping at all the housing situation.
In my maybe simplistic way and not being an expert on economics, it seems to me that this precarious situation that brought banks and financial institutions and even the country almost to its knees, it all began with the housing debacle. And yet nothing drastic is even intended to turn this situation around. Lots of foreclosures, empty homes, destroyed lives of many voters has been the results. What are McCain and Obama saying or doing? Not much. Senator Obama, while campaigning in Florida last week, said he thought the proposal deserve praise but did not belong in the emergency bailout bill. Consumer and labor advocates who think of Obama as a friend of their cause were distressed. Banking lobbyist and bankers were in agreement with him.
Senator McCain said on Sunday that he believed the final proposal would protect taxpayers and limit so-called golden parachute severance packages for executives of companies that participate in the bailout. And he added, “The outlines that I have read of it, that this is something that all of us will swallow hard and go forward with, McCain said. The option of doing nothing is simply not an acceptable option.”
In my opinion, and I really would like to hear what some of you have to say about all this, both Obama and McCain, are just trying to save themselves from loosing votes. Us, the taxpayers, just have to hope things turn out not too bad not only now but also in the next administration, be it democrat or republican. This is too big a thing to go away together with Bush. It would be too good to lose him and the financial problem at the same time…
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