Thursday, September 25, 2008

Government Bailout? Not so Fast

Photo from source, MSNBC

Economics was not a favorite subject for me in college, and I'm not much better at it now. But how many Americans really understand what's going on with this financial bailout plan? (Still) President George W. Bush contends that we are on the brink of financial collapse, and that Congress must pass a bailout bill immediately.

But nobody really cares what the President thinks these days, it would seem. He's cried wolf a few too many times, perhaps. But, John McCain seems to think it was urgent enough that he pretended to suspend his campaign to do something about it. Exactly what McCain is qualified to do on the subject is debatable.

Earlier today, there seemed to be an imminent agreement afoot. But after the dog-and-pony show put together by Bush in the White House, with both Barack Obama and McCain in attendence, everything seems to have fallen apart.

So what's going on here? Is McCain being assisted by Republicans, having staked his viability as President on this one issue? Are the Republicans throwing a wrench into the works to show--I don't know--strength? Hard to tell. The only thing that is certain is that Congress doesn't get to adjourn to go home and campaign in their own states.


Tentative agreement on bailout falls apart

Urgent efforts to lash together a $700 billion rescue plan for the national economy appeared to be stalling Thursday night, hours after key lawmakers had declared they had reached a deal. . .

After six days of intensive talks on the unprecedented package proposed by the Bush administration, with Wall Street tottering and presidential politics intruding six weeks before the election, there was more confusion than clarity. . .

Read more at: MSNBC

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