This is getting annoying
I have little sympathy for Wall Street at this point, but the pseudo-populism of some liberals is getting annoying. We’re not being asked to rescue Wall Street fat cats. Those people are going to be just fine regardless of what we do. They’re rich, they have a cushion. The smarter ones have probably already taken off.
You know who’s not going to be fine? The people who depend on the financial markets not being seized up. You know who that is? The fucking rest of us. The people who need the services state and local governments are struggling to provide. It goes beyond just the stock market.
I realize the bailout isn’t perfect. I’m hardly an expert, but it does seem like there are better ideas. But there’s a reason smart people think an imperfect bill is necessary. It probably won’t just be a sweetheart deal for Wall Street, either. For all the whining about Democrats caving to Republicans, the fact remains that they exist and they can fight legislation. Thinking Democrats can get a significantly better bill through in this environment is fantasy. This is how our system works.
And while I’ve veered into partisan politics in this rant, the entirety of the Republican party is a joke. Boehner blames his failure to secure enough Republican votes on a speech by Nancy Pelosi. This is pathetic. Regardless of whether or not you’re for it, that was a monumentally important vote and House Republicans were swayed because a speech hurt their feelings. Are they a bunch of third graders? How fundamentally ridiculous the current Republican party is has never been laid out so clearly.
The final thing is, I wish people would stop saying this is going to cost us $700 billion. It’s not. It’ll be less than that. How much less we don’t know, but no one thinks these toxic mortgages are actually worth nothing.
So sure: we should all hope that after the election we can pass legislation that attacks the roots of the financial crisis. This includes financial market regulatory reforms, macroeconomic stimulus, and broad relief measures. Maybe it even includes a better bailout program if this one isn’t enough. But right now, we have what we have, and complaining about it is like refusing to turn a fire hose on a burning building because you’re afraid the water is flouridated. It’s time to pass the bill.