The MegaMeltdown: A postscript
Posted by Scott Summers at 9/30/2008 10:02 AM and is filed under Bailout; tax increase; defense spending; credit card reform 
POSTSCRIPT, September 29:
Today, the House of Representatives voted down the "financial rescue package", a/k/a "buy-in", a/k/a "bailout".
And markets worldwide are down precipitously.
Fasten your seatbelts, friends. And make sure that the figurative airbags are working. This is -- and will continue to be -- nasty. Very nasty.
President Bush, and Treasury Secretary Paulson, and Federal Reserve chair Ben Bernanke -- inadvertently or otherwise -- have us all in panic mode.
Wrong.
You know, I think Congress did the right thing today.
Whether or not the members really thought about it, Congress stood up for itself.
The founders intended for Congress to be a deliberative body. Not a sheep ranch.
America simply will not write a gigantic check unless there are meaningful reforms.
I still think that Congress needs to enact a comprehensive solution.
And Congress needs to move expeditiously.
But this is an opportunity. An opportunity to create smart new public policy.
We, through our Congress, can -- and must -- resolutely work through the wreckage, and seize the opportunity to rework national fiscal policy for the better.
Tonight, I say: let's stay positive, friends.
In the coming few days, Congress will -- indeed, must -- set the stage for thoughtful and far-ranging solutions.
"We the people" have every right to expect that this debacle will not be visited upon us again.
Today, the House of Representatives voted down the "financial rescue package", a/k/a "buy-in", a/k/a "bailout".
And markets worldwide are down precipitously.
Fasten your seatbelts, friends. And make sure that the figurative airbags are working. This is -- and will continue to be -- nasty. Very nasty.
President Bush, and Treasury Secretary Paulson, and Federal Reserve chair Ben Bernanke -- inadvertently or otherwise -- have us all in panic mode.
Wrong.
You know, I think Congress did the right thing today.
Whether or not the members really thought about it, Congress stood up for itself.
The founders intended for Congress to be a deliberative body. Not a sheep ranch.
America simply will not write a gigantic check unless there are meaningful reforms.
I still think that Congress needs to enact a comprehensive solution.
And Congress needs to move expeditiously.
But this is an opportunity. An opportunity to create smart new public policy.
We, through our Congress, can -- and must -- resolutely work through the wreckage, and seize the opportunity to rework national fiscal policy for the better.
Tonight, I say: let's stay positive, friends.
In the coming few days, Congress will -- indeed, must -- set the stage for thoughtful and far-ranging solutions.
"We the people" have every right to expect that this debacle will not be visited upon us again.
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