Despite a large majority of American people telling them that they opposed the bail out (oh sorry, McCain, I meant rescue plan), Congress passed and President Bush signed the Emergency Economic Stabilization Act of 2008 into law. Our two presidential candidates both voted for it. Obama and McCain voted for perhaps the worst legislation ever, maybe even worse than that wonderfully crafted piece of crap Prescription Drug Plan. Despite the alarm and speedy passage of the bill the DOW continues to drop. Everyone with common sense knows we need a correction. Common sense left Washington, D.C. long ago.
The details of this bill are coming out and they literally pulled the wool tax credits over our eyes. For someone opposed to pork, McCain had no objections to voting for this bill laden with tens of billions dollars in giveaways. For someone opposed to tax loopholes for businesses, Obama had no problems forking over more than $700 billion in debt for a dubious fix and the same tax credits for businesses he is always railing against. I wonder if he could even look his daughters in the eye that night. I wonder if he sees the same dark and cloudy future that I see when I look at my children. But then again when has any candidate really truly cared about the children, after all they can’t vote, but they sure do make for good political spin. Every day the clueless at the helm of this country enslave our children and grandchildren more and more by adding more and more debt.
Oh by the way, the stock market still tanked after the being signed into law and continues its slide. Makes one wonder what the rush was Mr. Chicken Little Bush? The fact remains is that the bubble needs to burst. The stock market housing bubble and its paper value need to deflate. It will probably tank until hits its below 7000 points.
One thing is for certain and that is that both parties are guilty as hell in allowing this to happen. But you will not see them pointing the finger at themselves. You will see Congress trot financial scapegoat after scapegoat out to be grilled to make themselves look good. In the end nothing will change. Saturday Night Live had it right with this sketch. There are actual truths to the sketch that actually also blamed the democrats for the crap sandwich we all have to take a big bite from so I am surprised that they even allowed it to be aired.
What is coming? More rescue packages that will do nothing. Once Obama is elected we can expect to see a big, fat New New Deal that will hasten our demise and prolong any recover (read the real history of the great depression in The Forgotten Man by Amity Shlaes - history does not repeat, but it rhymes awfully well). Congress is clueless and thinks that pumping more money into the system will solve the problem. Both candidates are highly unprepared and will not do the right thing. They are pumping bad money in to prop up a system that needs to fall. This has large and imminent failure written all over it. We need to start working on our representatives and senators and let them know that this is not a road we can afford to go down. Tell them “NO. HELL NO.”