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Passed

I meant to comment on this a couple days ago, but oh well. So the bailout has passed Congress. Unsurprisingly, the Senate had to attach some obnoxious tax cuts and other pork to it to get it through.

Sirota’s progressive populist victory was apparently very short-lived. It’s almost like it wasn’t progressive, populist, or a victory.

Hopefully this bill will help us limp through the current crisis and start to get things back on track. It may not, but it seems like a necessary step.

The really important part of all this is still to come. That’s what new regulations will be enacted to keep this from happening again. That’s the real battle and far more important than the bailout.

Categories: Congress, Economy
  1. October 6, 2008 at 10:08 am

    Your logic is much akin to saying that the captain of a sinking ship, unable to do something positive, elected to steer the ship while it sank. Dammit, at least he did something.

    You need to address the specifics of the bill, whether they will be effective, whether better remedies were available, and whether doing nothing was all that bad. I’m not sure we did anything positive at all. But here was Wall Street holding a gun to its own head and threatening us, ala Blazing Saddles.

    I think you missed the boat on this one.

  2. October 6, 2008 at 4:55 pm

    Did you even read this post? Or anything I’ve written in the last week?

  3. October 6, 2008 at 9:00 pm

    Ahem – fucking yes.

    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.

    You said we had to pass this bill even though it wasn’t a good bill to keep the credit markets from seizing up. People tried to tell you it was a bad bill. And you went after them. You got all condescending about progressive populists.

    You were wrong. We got a bad bill, not we’re stuck with it AND the credit markets have seized up. So why don’t you go after me now about how some particular of the bigger pciture annoys you so you can ignore your big fuck up.

  4. October 6, 2008 at 11:52 pm

    Fine, we’ll go through all of this.

    Your logic is much akin to saying that the captain of a sinking ship, unable to do something positive, elected to steer the ship while it sank. Dammit, at least he did something.

    I said nothing of the sort. This is why I asked if you read this post.

    You need to address the specifics of the bill, whether they will be effective, whether better remedies were available, and whether doing nothing was all that bad.

    I linked to a couple articles pointing out why this bailout bill was useful, made it clear that I thought there were better remedies but that we couldn’t pass them, and linked to a couple articles pointing out the problems that were showing up because we were doing nothing. I didn’t exactly hide those points, so that’s why I asked if you read my previous posts.

    People tried to tell you it was a bad bill. And you went after them. You got all condescending about progressive populists.

    I went after people who made stupid arguments against the bill, not people who opposed it in general. I said this, remember:

    To be clear, I don’t mean to belittle anyone who disagrees with the bailout. I have my opinion, you have yours, none of us are certain. What I am pretty sure of is that basing your opposition on populist outrage and a fantasy about what kind of bill Congress can pass is wrong.

    Condescending? I made an argument against a position I’ve seen pop up in a few places. I haven’t seen anyone argue the point. If you disagree, then explain your reasoning. Otherwise, you’re just whining.

    You were wrong. We got a bad bill, not we’re stuck with it AND the credit markets have seized up.

    How does that even make sense? The credit markets are seized up and have been seized up. The government has barely even started the bailout plan; as far as I know, they haven’t even bought any mortgage assets yet. How can I be wrong already?

    Again, I’ll point out that I’m not sure this is going to work and won’t be that surprised if it doesn’t. My point in the last few posts has been that I think it will do some good and it’s the best option we have right now given the state of our government.

    So why don’t you go after me now about how some particular of the bigger pciture annoys you so you can ignore your big fuck up.

    The bigger picture is people being whipped into a frenzy based on bad arguments is dangerous. The bigger picture is that this bill wasn’t great but we weren’t going to get much better (though I’ll allow that if this doesn’t work, we’ll probably get something more far-reaching).

    You’re free to disagree with anything I’ve said. I’d much prefer it to you whining about the strawman you’ve created.

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