It’s not surprising that I woke up to hear that the bailout may not quite go as planned. Yesterday I saw protesters near Wall Street chanting “No to the Bailout”, in reference to businesses getting the bailout and not the average consumer. What caught my eye this morning were two lines of reference in this NY Times article:
Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand.
And Point 2:
The aide, Kevin Smith, said Republicans revolted, in part, because they were chafing at what they saw as an attempt by Democrats to jam through an agreement on the bailout early Thursday and deny Mr. McCain an opportunity to participate in the agreement.
So before any serious discussions about the bailout had started, McCain put his campaign on hold and went to Washington because it seems impossible for him to do two things at once. I say this because my eyes were pleasantly impressed with the following:
Mr. McCain was at one end of the long conference table, Mr. Obama at the other, with the president and senior Congressional leaders between them. Participants said Mr. Obama peppered Mr. Paulson with questions, while Mr. McCain said little.
So while Obama didn’t put his campaign on hold he was able to also attend the discussions and even answer questions. The so-called “leader of the Free World” faces thousands of decisions a day and must be able to multi-task. Heck, even Reagan was able to do that and I’m not sure he was really there that often if it wasn’t for Nancy.
I’m also beginning to wonder who is really running for president: Palin or McCain. Since he refuses to talk or “take a stand” one way or another (i.e., lead his party as a presidential candidate should, right?!) then how can he be considered to lead a whole nation like the US. I don’t get it. I watched a few of the “townhall meeting”
videos and noticed that Palin talks over him (she’s taller than him I think) and is more eloquent than him. Some of the political commentary suggests that the Republicans are having more of these because he is less likely to have foot-in-mouth-itis than when she’s not there.
But politics aside, the Bailout failed. At least, thus far it has. So the question remains as to whether the bailout would work or will work? Politicians really don’t have to worry right now because, well, they’ll likely be re-elected to the jobs they already have or get some board position. The average citizen, people like you and me, who earn a wage of some kind trying to eke out a living with massive debt (mortgage or credit card), are the ones who suffer under this. You want to fix the system try this: force banks to be responsible, reduce service fees for things that are extraneous, reduce credit card annual percentage points, reduce CEO salaries and keep the average workers — the ones that actually produce the product that others will buy — employed.
Let’s face it. Those that are wealthy only buy wealthy, extra things. These people make up 2-5% of the market.
Those that are middle-to-lower class buy things to help with day-to-day living (e.g., groceries, clothing, mass transit, etc.) make up the rest of the market.
The ones suffering are the ones that make up the rest of the market. It’s stuff like this that makes me want to chuck it all, grab K and become some raving mountain man. I’m beginning to see the appeal.