It said no to the bailout. I’m glad, not so much because of the substantive result, but because of the ridiculous process that led to the vote.
As I understand it, there are two main groups responsible for the big crisis. One is the idiots who bought houses via adjustable rate mortgages that, even before the rates increased, probably cost them half their income every month. The second is the crooks who sold those craptastic mortgages and then re-sold them as securities.
As far as I am concerned, both groups are getting what they deserve and can go piss up a rope. The people in the homes knew the rates could go up. These people gambled and now they are losing. They can pay the price; I’m not. They want sympathy, they can look in the dictionary between spit and syphilis. As for the financiers, they knew those mortgages were highly likely to fail, so if they relied on them as assets, that’s their problem. Now that those assets are worthless, I hope all of the financial people end up living under park benches begging bread.
That’s my understanding. I may be wrong. These two groups may be less blameworthy, or the blame may reach more people. Or the impact may reach more people. The damage might even hit people like me. Folks who bought houses for way less than the amount of the mortgage for which they were approved. Folks with no credit card debt. Folks who drive used cars so they can avoid credit cards. Folks with savings. You know, half way responsible people.
The problem is, all I’ve heard for the last few weeks is generalized fear mongering about “the economy” and the need to trust Our Fearless Leaders with unfettered control of almost one trillion dollars. Sorry, I do not care about “the economy;” I care about me and mine. And no one has clearly explained to me how the crisis will hurt us. Even if it will, I am still not going to trust any one person to handle all that money. There should have been way more accountability in that bill.
In other words, if someone could have calmly and clearly explained how the problems could hurt more than just the people who deserve it, and then proposed a solution that addressed the problems in a manner that ensured as little of my money would be wasted as possible, I’d have been much more willing to listen. As it was, I’m glad the bailout died.