Finally, a sensible view on the financial crisis. The libertarian view has always enticed me. The government comprises mere mortals and there has been no reason to believe that when the government interferes, they can make things better. The most likely scenario is that the government worsens the situation by meddling and bumbling its way through. Moreover, the outcomes are never fair because of corruption and lobbyists; those closest to the centers of power benefit the most.
September 29, 2008
Politics of the Bailout Bill
After most of the Republicans voted against the bill today – the the Emergency Economic Stabilization Act of 2008 or HR 7175 – the bill did not pass. After the vote, Republicans blamed Nancy Pelosi for pissing Republicans off before the vote by making a partisan speech blaming the Bush administration and the Republican party for the financial crisis. So what they are saying is – we have nothing against the bill itself (or that we do, but we would have voted for it anyway – because something’s got to be done). But you said something and we don’t like it so we won’t vote for the bill.
Emergency Economic Stabilization Act of 2008 – HR 7175
There was an interesting debate in the House today on the Emergency Economic Stabilization Act of 2008 or HR 7175. After the debate, when the bill was called to vote, the House chairperson called it for the “Ayes”. It looks like she wanted it to pass so she called it for the Ayes. Someone from Georgia contested that and asked for a recorded vote. That’s when they found that the Nays had it.