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Blog
The Bailout: A view from abroad
September 30, 2008
The morning's news shows and papers are teeming with comment about the House's failure yesterday to pass (205-228) the bi-partisan bailout bill that House leaders, Treasury Secretary Paulson, the presidential candidates, and Bush himself pleaded for. The result was spectacular: a 778-point drop in the Dow, wiping out a trillion-plus dollars of value from stocks.Meanwhile, I came across an insightful blog post from Gerald Warner, a British politcal pundit, in the conservative newspaper The Telegraph. Here's a sample:
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Representatives chose to listen to their constituents rather than to party managers - a messy, democratic outcome unimaginable in Britain. But the $700 billion question is: where does this leave the two candidates? Do they claim their party rebels are mavericks? In McCain's case that uncomfortably paints him as a conformist. Do they trash Main Street in favour of Wall Street? Obama has already issued a limp-wristed statement claiming that Congress will come round: "I'm confident we're going to get there, but it's going to be rocky." |
Posted by David Farkas on September 30, 2008 | Comments (1)
In response to: The Bailout: A view from abroad
In the business commented:
The real question is do you think main street really understand the magnitude of the problem. It is easy to take the populist view of let those greedy bast**ds fail but are you confident that your retirement funds or other accounts will not be affected?