{"id":244,"date":"2008-09-29T14:48:00","date_gmt":"2008-09-29T20:48:00","guid":{"rendered":"http:\/\/of2minds.org\/michael\/?p=244"},"modified":"2008-09-29T14:48:00","modified_gmt":"2008-09-29T20:48:00","slug":"the-bailout-plan-fails-to-get-through-the-house-205-228","status":"publish","type":"post","link":"http:\/\/of2minds.org\/michael\/2008\/09\/29\/the-bailout-plan-fails-to-get-through-the-house-205-228\/","title":{"rendered":"The bailout plan fails to get through the House, 205-228"},"content":{"rendered":"

My Congressman, Democrat Joe Courtney, voted no (full list of votes here<\/a>), giving me another reason to vote for him in a few weeks.<\/p>\n

This was, of course, a plan that people like Professor Nouriel Roubini<\/span> hated<\/a>:<\/p>\n

Thus, the Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown. It is pathetic that Congress did not consult any of the many professional economists that have presented – many on the RGE Monitor Finance blog forum – alternative plans that were more fair and efficient and less costly ways to resolve this crisis. This is again a case of privatizing the gains and socializing the losses; a bailout and socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners.<\/p><\/blockquote>\n

Let’s see if the pols come up with anything better for their next try, or if they just stick enough fig leaves on the current plan to get 24 more yes votes on basically the same crappy plan.<\/p>\n

ETA:  Apparently the Republicans are claiming they their members torpedoed the thing because the Democrats’ speeches before the vote were too mean<\/a>.   In other words, the Democrats get punked yet again….way to go, Pelosi!<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

My Congressman, Democrat Joe Courtney, voted no (full list of votes here), giving me another reason to vote for him in a few weeks. This was, of course, a plan that people like Professor Nouriel Roubini hated: Thus, the Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little … Continue reading “The bailout plan fails to get through the House, 205-228”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-244","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/posts\/244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/comments?post=244"}],"version-history":[{"count":0,"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/posts\/244\/revisions"}],"wp:attachment":[{"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/media?parent=244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/categories?post=244"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/of2minds.org\/michael\/wp-json\/wp\/v2\/tags?post=244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}