You probably already know that the bail out failed to pass and why it failed. But if you have been living under a rock, read this post by Naked Capitalism. Read the comments. They will make you sick. Take this one for example…
There is simply a segment of the population that does not know better or does not care about the economic well-being of their families or other families. Whether for reasons for morality (what is caused by “debt” cannot be saved by “debt”) or schedenfreude or ignorance or indifference,…The house republicans are the voice for this segment…somehow they have to be bribed or cajoled or coerced into going along…otherwise, in the words of one of America’s greatest leaders, “this suckers going down…”.
The real divide over this issue is not between Republicans or Democrats. Rather it it is between the coastal elites who have had it good for many years and the poor blue collar suckers who have been watching their living standards stagnate for those same years. I have seen blue collar folk who never cared much for politics getting in touch with their representatives over this bail out. They simply can’t understand why none of the industries that they depended on were worth a bail out, but people who earned a hundred times what they make are being bailed out right and left.
But the white collar people with big money tied up in the markets are frothing at the mouth. They would shoot their own grandma to get this thing passed. The only reason they can see for people to oppose this bill is stupidity and ignorance. And that is a shooting offense when their money is at stake.
As usual, those with money are going to win in the end, but it is going leave a bad taste for a long time.