Well, ole "W" bullied enough to get his way and our Congressional representatives (definition: standing or acting for another especially through delegated authority)went against the will of their constituencies. A quote from "W":

"We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country," Bush said shortly after the vote, although he conceded, "our economy continues to face serious challenges."

Hopefully he will be gone before we face any other economic challenges as we cannot afford any more bail outs. In my opinion, Congress acted irresponsibly in voting for this hand out. Poll after poll showed that the American public was against it.

Here are some of the reasons for not wanting to help Wall Street:

http://money.aol.com/creditdebt/credit-crunch-cash-kings

This list includes CEOs from Washington Mutual, Lehman, Merrill Lynch, Countrywide, Citigroup. The article is from CNBC, entitled Credit Crunch Cash Kings. These hot shots should have been required to put their own money into the pot. At least that would have made any deal more palatable. The rich just keep getting richer and the current leadership will continue to aid and abet their pals while middle America whithers away.

So long

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Comments

rrrlew Oct. 4, 2008 @ 8:21 p.m.

How could all of these economist miss the fact that credit spread so thin globally,could easily crash the financial system. It may have been fiction at the time it was written, but "The Rope Spinner Conspiracy" was written in 1987 describing the plot to do just that.
Doesn't anyone read and understand that fiction is usually based on what can become a reality? I could see it was happening when I read the book six years ago. Most things in time do become a reality. rrrl

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