On Second Thought

Today, a revised version of Monday's bailout package will be voted on in Congress. The package has been spiced up with some tax breaks for businesses and alternative energy, as well as higher government insurance for bank deposits. Most analysts agree that this is basically the same package, but that the Senate has wisely added a little 'sugar' to go with the medicine, and therefore it should pass.



Many also think that today's package will pass, because many of the dissenting House members received a crush of angry calls from their constituents after Monday's vote. According to the NYTimes, the constituents were "now demanding that lawmakers take some corrective action — a distinct change from the outpouring of public opposition that contributed to the defeat of the plan."

Seriously?

Hey, America, can we talk for a second?



So just to be clear, we here at Muck Breaker fully concede that this economic shitshow is more than likely the fault of our elected officials. After all, we've only got another couple of months to blame Bush for all of our woes, so we might as well get in while the getting's good. Am I right?

But in another way, this is all our fault. Constituents tell their representatives to vote against the bailout. They do. The market takes a dump. The same constituents then call their reps in a tizzy, saying "do something!" The entire House of Representatives is up for re-election in a few weeks. They aren't going to think for themselves here. They are going to do exactly what we tell them to do. They are going to do exactly what they think will get them re-elected.

And let's not even get started about a nation of potential homeowners taking out mortgages they can't afford, defaulting their payments, scratching their heads, wondering why the market's so weak, as a generation of older Americans who lived through the Great Depression collectively scream, "No shit, you don't take out loans you can't pay back, ya punk!"

But that's a posting for another time....