By voting down the bailout bill the conservative wing of the Republican Party today pushed the Dow Jones down 777 points, the biggest drop in American history. They did it they say, because Speaker of the House Nancy Pelosi said mean things about what their unregulated free market ideology has wrought, the biggest financial melt down since 1929. Conservatives who exist on a plane of self admitted mean nastyness don’t like it when people are mean and nasty to them. It is that very hypocrisy which drives the radio shows they listen to.
The argument has been corrupted by ideologues from both sides screeching either SOCIALISM or BAILING OUT WALL STREET. Both are in error.
It is neither about the much dreaded word "socialism" nor is it about bailing out bankers and brokers, but rather it is to bail us all out of a fix created by Republican economic ideology, and admitedly, what many Democrats have had to go along with to get elected over the past 30 years.
It is a $2500 investment from each of us, not to bail out those who sold us this sorryass Republican bill of goods, but those who bought the goods. That includes those of us with a mortgage, an IRA account, a 401K account, who have money in the market or are even holding money market accounts for Chrissake.
It is also meant to keep fear at bay so the stock market won’t push us from the Recession Republicans refuse to admit we are in, to a full fledged Depression.
It too is meant to reduce the credit crunch, for as it stands credit is now so tight people cannot get loans to buy homes, fix their homes, buy cars, appliances or computers which is causing unemployment to rise.
The bailout may seem to be taking the risk from those REPUBLICANS who caused it, but it is necessary to keep the rest of us in our homes and jobs, and is especially important to the elderly on retirement plans.