Today is a sad day. Today, Congress finally passed the Bailout. As you know, I'm neither for nor against it, though I do believe that it's probably a necessary evil. Nonetheless, it is passed and on its way to GWB's desk right now.
The Bailout Congress just passed provides Wall Street with the means to pick themselves up by the bootstraps--something they have always been able to do because, unlike many Americans, they have bootstraps in the first place. And although there were numerous ways to skin this cat, they chose this one and it's fine to me. For now.
My great fear though is that we will now stop working on the crisis and leave it to the next president, the next Congress to handle. I think Congress should call off any election period recess and keep working on a housing bailout bill and an automotive industry bailout bill and an employment bailout bill and so on.
For ninety-year-old Addie Polk, the bailout was too little, too late. Wednesday, as sheriff's office tried to foreclose on her Akron, Ohio home, she took matters into her own hands and shot herself. Now Addie is in the hospital and the home is in foreclosure. There is no happy ending to this story for now, because congress hasn't passed Ms. Polk's bailout yet.
So congrats, Congress. You did something necessary and patted yourselves on the back. Now get back to work and make sure that the Addie Polks of the world suffer no more.
Friday, October 3, 2008
A Note to Our Leaders Upon the Passing of the "Bailout"--Don't forget the rest of us
Posted by Kim at 2:50 PM 1 comments
Labels: Bailout of 2008, foreclosures, The Recession of 2008
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