As I’ve said elsewhere, whether one believes the nation is on the brink of financial collapse or not, American political leaders, financial leaders, financial legends, and media all claim that is the case, and are all acting as if it is. In response to the crisis, Congressional Democrats-at the urging of the Bush Admin which did not do enough to detect, warn, or prevent the situation, have suggested throwing money at the problem. House Republicans and many Senate Republicans have suggested alternative solutions. So why isn’t anything getting done?
People need to be reminded (apparently) that the Republicans in the House are moot. The Democrats control the House of Representatives-where there is no filibuster rule, and they can pass a bill that throws money at the problem if they want. There are enough Republicans in support of the Democrats’ proposal in the Senate as well. Additionally, President Bush has already endorsed the Democrats’ proposal. Democrats do not need the support of House Republicans to get their way.
So why do they want their support? It’s simple. If Republicans-particularly Senator McCain-do not support the Democrats’ proposal, and if the Democrats ram the proposal down the country’s throat, then Republicans can run for office and point fingers at the Democrats not only for causing the problem, not only for screwing around with the solution, but for spending over $1000000000000.00+ on bailing out Wall Street fat cats while Main Street people still lose their jobs, their homes, can’t pay for gas (can I get a “NO BLOOD FOR OIL!” anyone?), and so forth.
Americans don’t like the Democrats’ solution of bailing out Wall Street. It might work, and it might save the country, but to ram it through in a partisan vote makes Democrats vulnerable on a very energizing campaign topic just weeks before the election. They were faced with a similar quandry in the demand to authorize the Iraq War on Oct12, 2002, and they caved, then they lost the House and Senate. If they ram their solution down American’s throats, and make the people of Uniontown, Ohio pay to save Wall Street investors, then they risk losing the support of the people in Uniontown. If they can convince House Republicans to make it a truly bi-partisan bill, then their appearance is safe from campaign attack ads.
Which will it be:
Democratic control of the House and Senate
bailing out Wall Street investors and keeping payrolls flowing by protecting investment bankers