Ever since Treasury Secretary Paulson announced he needed $700 billion of the tax payers' money immediately in order to bail out Wall Street, I've been curious. Am I the only one who feels the oddness of this? The largest majority of brokers and bankers are Republicans. Deregulation and the lack of oversight, in my view the greatest causes of this situation, were pushed and put into law by Republicans. Now these fat cats (mostly Republicans) are in trouble because they made bad decisions and investments. But are they willing to take responsibility for their actions? No. They want US, as in you and me, to bail them out - to issue a get out of jail free card.
My DH and I were watching CNN yesterday afternoon when voting on the bailout bill concluded. To our amazement, Republicans voted two to one against the bill as did some Democrats. And yet prominent Republicans immediately began to blame Nancy Pelosi - whose leadership had brought most Democrats on board. HELL - O! The Democrats did not defeat this bill - the Republicans did.
What happened? Members of congress were overwhelmed with calls and emails from constituents demanding the bill, which provided for no oversight whatsoever, be defeated. For once they listened - especially those up for re-election in November.
Also playing a huge role in this was the Bush administration which has cried "wolf" once too often. What little credibility they once had is now totally gone.
I don't know how to fix this thing. But I know the enormous cost cannot be put upon the shoulders of the taxpayers who've already seen their money spent to rescue Bear Stearns and AIG not to mention mortgage giants Fannie Mae and Freddie Mac.
I found the remarks of these three Representatives, made before the initial vote on Monday, to be especially relevant and thought provoking:
Comments of Sheila Jackson Lee:
Comments of Dennis Kucinich:
Comments of Marcy Kaptur: