Wall St. stocks lost $1.1 Trillion in value yesterday, yet the market remains standing. Therefore, do we really need a bailout by taxpayers? Couldn't Wall St. take some needed hits and then adjust itself to some legitimate, non-artificial numbers? Couldn't we eliminate "Mark to Market", eliminate the Capital Gains Tax, and thus energize the new Wall St? Wouldn't we be better off in both the medium term and the long term?
I don't know the answer. I am too ignorant to stand for a particular solution, but I am suspicious.
I do know Congress is not acting as if we are in a crisis. House Dems still tried to insert pet projects into the bailout - for example: $200M for the villainous radicals at ACORN.
Of 233 Dems in the House of Representatives: 95 Dems voted against the bailout; 138 Dems voted for it. That's not the behavior of Congresspersons who believe we are in a crisis. House Dems don't even need the Repubs to pass this bill. They could pass it on their own if they wanted to. If Congressional leaders believe we are in crisis, they should act like it.
Powerline recounts the politics played.
Karl Rove was furious with Pelosi.