Oct 04 2008
Congress Passes Bailout In Hopes Of Re-Election
“We didn’t want to vote for it…”
“The best we’re going to get…”
Are you serious? The $700 billion bailout proposal passed in both houses of Congress with this kind of persuasive language. The fact is, one third of the House of Representatives is up for re-election in just under a month and their constituents would be very upset if they had not done anything in response to this economic crisis. The bailout isn’t the right answer but it is being billed as the only answer.
The way this bill was passed in the House was to add on a number of “pork barrel” additions such as an excise tax which saves the makers of wooden arrows for children thirty-two cents per unit. What do children’s toys have to do with the economic crisis facing our nation today? Absolutely nothing, but it was enough to convince the Representatives from Oregon (where most of the arrows are made) to vote for the bill. If it weren’t for additions like this one, the bill would have failed again.
The overall feeling, both in Washington, D.C. and at home, is that this bill will not solve the problems facing our nation right now but that something has to be done. The fact is that the market will work itself out in the long run, but you have to make sure that you are still standing when that happens. We have to protect ourselves. We have to educate ourselves. We have to fight for ourselves and not wait on the government to bail us out.
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