Bailout Vote Failure

$700 Billion Bailout Fails

As those who’ve read this blog already know I oppose the bailout but also understand the reason many feel a need for it. I’ll avoid commenting on the dangers of allowing companies like these too great an influence or control in our economy as to cripple as it they have and caused this mess in the first place. I’ll avoid railing about government bailing out failed businesses at tax payer expense.

Instead I’ll say this about the failed vote: Pelosi should have kept her mouth shut and not offended fence sitters (particularly Republicans she needed to counter the backlash in her own party) by spewing her vitriol at them before the vote. She also now needs to shut up, stop blaming Republicans as the sole reason the measure failure, and accept it was a failure by all sides. McCain and Obama got it right:

In Iowa, Republican John McCain declared, “Now is not the time to fix the blame; it’s time to fix the problem.”

In Colorado, Democrat Barack Obama said, “Democrats, Republicans, step up to the plate, get it done.”

Despite the fear mongers out there (especially in the MSM) practically claiming the end of the world, this whole situation will pass eventually. It’s just a matter of how long it takes to be resolved with or without government assistance. Perhaps now a better bill may be worked on and put into place that
protects tax payers and has tighter oversight of the financial
institutions to allay immediate concerns. In the end though the way America’s financial and economic system works does need to be overhauled to encourage people and businesses to get off using credit based finances for every single thing, better regulate speculators, and stop those who outright gamble in the market with people’s pensions, 401Ks, et. al.

As for the Arizona delegation I’m proud of them for (hopefully) living up the desires of average Arizonans (who, like other Americans, are not as stupid and ignorant of this situation as most media would have us believe) and voting “No” across party lines. Democrat Congressmen Giffords, 
Grijalva,  Mitchell, and Pastor, along with their Republican counterparts Congressmen Flake, Franks, Renzi, and Shadegg did the right thing in voting against this poorly constructed bill. Whether some did this for fear of retribution by citizens at the voting booth or genuinely opposed the measure on principle it was still refreshing to see a unified front from the Arizona delegation.

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