Image by adactio via FlickrThank you, House of Representatives.
The House voted against this mess of a bill by 226-207. The vote was not along party lines, as the measure has stiff opposition from both Republicans and Democrats.
Thank you, House of Representatives.
There’s mixed reaction around the internet news and blogging sources. Most of the mainstream media seems to side in favor of the bailout bill. For instance, at MSNBC you’ll find lots of quotes from the usual folks in government and Wall Street saying that the bill is needed to prevent the spread of Wall Street’s woes to Main Street America.
But the truth is (and I read the damned thing) that there were no concrete provisions in the bill to help anyone except for the asshats on Wall Street. The sections in the bill aimed at ‘helping’ regular people afford their mortgages was ambiguous and written so as to require nothing be done on that front.
The stock market showed early-on that it didn’t like the bill. At the time of this writing the Dow has dropped by 574 basis points and looks to be steadily dropping. This is a GOOD THING folks. The market absolutely MUST correct itself.
Yes, some of us will be in worse financial shape. Geez, people in my family who did not even buy a house and only have cash invested in ‘safe’ markets have lost almost 20% since January. Maybe more will be lost, maybe not.
But artificially creating the ‘bottom’ of this mess with a new law which in some ways codifies into law the very procedures that got us here in the 1st place is NOT the way to fix this.
Let the behemoths fail.
I am Jon. I’ll be back this evening with more…