The bailout plan and the roll call
The actual text of the Government Bail Out Plan -- by the way I just tried to open this file, as linked from The New York Times, and received the message "the file is damaged and cannot be repaired." Needless to say I burst out laughing. Apparently the file and the bill have a lot in common!
The congressional roll call (the tally of votes and how your representative voted.) I noticed that both Dennis Kucinich and Ron Paul were listed in the 'Nays' column, along with my own representative. If Kucinich and Paul together are against it - and Bush actually liked it - I know all I need to know about it's ramifications for the taxpayer, our economy and for democracy.
Good coverage in the New York Times:
House leaders pushing for the package kept the voting period open for some 40 minutes past the allotted time, trying to convert “no” votes to “yes” votes by pointing to damage being done to the markets, but to no avail.
Supporters of the bill had argued that it was necessary to avoid a collapse of the economic system, a calamity that would drag down not just Wall Street investment houses but possibly the savings and portfolios of millions of Americans. Opponents said the bill was cobbled together in too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers.
I am starting to wonder if my interest in this drama is based solely on financial (and democratic) considerations, or because it is history-in-the-making. A peculiar side effect of being a history buff: the ongoing fascination, even when the ship is sinking (and you're on it.)
Labels: Congress, financial crash, financial crisis, government bailout, Wall Street
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