This afternoon, the House of Representatives will vote again on a revised version of the Wall Street bailout bill they defeated Friday. I don’t know about you, but I hate having to do the same work twice.
There has been a lot of talk recently in Washington and around the country about lipstick and pigs, a conversation that seems to apply directly to this bailout. Apparently, Congress did not get the message that this is a bad bill that needs to be scrapped in favor of real measures designed to allow the markets to fix themselves.
If Congress wants to pass legislation regarding the current crisis, it should vote to provide the FDIC with sufficient funds to perform its Congressionally mandated tasks, which it has done flawlessly up to this point. Not only would that kind of legislation help moderate this crisis, but it would cost nowhere near $700 billion.
In the mean time, if you think incurring an additional average debt of $2000 per American is even worse for the economy than the current crisis, consider emailing your representative before this afternoon.
And the thing is over 400 pages long. Seriously, has anyone even read the whole thing? Especially those who are voting on it?
I believe that there is something to the “baffle them with BS” idea. That’s what the Senate is doing here, and apparently the House agreed.