Due to extremely bad choices by many of our nations largest financial institutions, we are stuck in a very uncomfortable economic situation. There is no doubt that the major cause of this problem was institutions lending money to people or businesses that could not pay it back. But now the cause is not the major issue, but what to do about the problem. Do we do nothing or something. The bailout seemed like the only logical step to take. I did not like it but doing nothing seem to be a worse option. So our government got together, worked out a compromise and then promptly voted it down and began the blame game.
At a time when we need true leadership and bipartisan cooperation, we only have partisan games being played. As soon as the bailout failed to pass, Nancy Pelosi ran to the press and promptly blamed everything on the GOP. Even though her party holds the majority in the house and if she had all the democrats vote for it, it would have passed. But 90 democrats did not vote for it. I wonder who Nancy will blame next year when she has control of congress and a new president? According to the news, she gave a very partisan speech just before the vote, that swayed many GOP to not vote for it.
The GOP are not off the hook either. If they say we should not provide the bailout, then what should we do? I would love to find any option that does not require tax payers to spend 700 billion. But if no other option is provided, then why vote against the bailout? However they may be right. What if they do not pass the bailout and we turn out to be OK economically? If a bank fails, doesn't a different bank come in and buy up that bank and keep it in business. Like what happened with Washington Mutual bank? So we may not need the bailout. But if that is true, where is the leadership that is calming our fears and leading us on a safe path?
I really am scared about the next 4 years. At least I can sell my blood for income.