Posted by Scott Malensek on 29 September, 2008 at 12:17 pm. 31 comments already!


Cry havoc, and let slip the bears of Wall Street! That’s what the American people want. That’s what (according to many sources) are filling Congressional switchboards with constituent calls at a rate of 1000:1 against supporting the bailout bill (expect some serious variance depending on the member and district). Still, ya gotta hand it to the American people who FINALLY spoke out with one voice!

How did it die?
Nancy Pelosi (D) and other Democrats’ arrogance killed it when they tried to force Republicans to back a deal that was made largely without them. The reality is of course that if the bill presented was worthwhile, then the Democrats who control Congress could have pushed it through on their own, but there was bi-partisan disdain for it, and that’s how it failed.

Why did it fail?
The reason for the bi-partisan opposition to the $700billion dollar Wall Street bailout package was because there was no $700billion dollar MAIN STREET BAIL OUT PACKAGE. While Barack Obama is on the trail complaining that trickle-down economics don’t work, his party is on The Hill trying to say, if we don’t make things better at the top of the financial food chain, then nothing will trickle down to the rest of America; ie, money does trickle down from investors on Wall Street to people on Main Street. You cannot have it both ways.

How to get it passed?
The solution is simple and three fold
1) The Democratic Party leadership has to act bi-partisan, and that means stop finger-pointing at Republicans for allegedly creating the problem all by their lonesomes (lack of Democrats’ Congressional oversight comes to mind). No way are they going to get support from Republicans while bitching about Republicans
2) The American people have to be convinced that money trickles down from mega investment groups like Freddie and Fannie down to Joe’s Plumbing, and that means Senator Obama’s gonna have to shut up with his ranting about raising taxes on investors, business owners, etc as if it’s not going to have a negative effect on investing, hiring, and pay for average Americans
3) If they want to give $700billion to Wall Street, then they’ve got to give as much to Main Street. There are 102million households in the country that are not owned/paid off. Give each one a tax credit of say…$7000, and bammo! People aren’t in foreclosure, spending goes up, govt doesn’t have to buy the homes ’cause now the owners can make their payments, and everyone’s happy.

Barack Obama talks about pain trickling up to Wall Street. Ok, step up Big O. Give the money to Main Street so they can pay Wall Street, and that will buy the Congress time to re-regulate (more regs or less regs) and solve the problem.

And by the way……!
Could someone give Senator Obama the memo from the DNC (or Congressional Accounting Office) that the war in IRAQ DOES NOT COST $10, 12, or 20billion a week as he claims. It’s about $550billion over 5yrs, and while that sounds like a lot, it’s nothing compared to $700billion in one week that the Democrats’ Congress wants to give to Wall Street so it can trickle down to Main Street.

While Barack Obama is saying that he’s going to tax the highest earning 5%, and make them pay hundreds of billions of dollars for his littany of programs and giveaways…isn’t it odd that we’re supposed to believe those same 5% need $700billion right now?

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