So what do we think about the events today regarding the bailout and the conference and the alternate plan?
I spent most of today (which was an off day for me) watching the news and reading about this. Veeeeerrrrry interesting events.
I’m going to get slammed for watching fox, but I did. Along with all the other channels and CSPAN. Whatever you think of the source of info, this quote from Hannity/Colmes stuck with me (paraphrasing)…
" What about rushing through the Patriot Act? We spent 12 months debating the Patriot Act and somehow STILL managed to rush that bill…and now we’re looking at the biggest potential expansion of gov’t economic intervention, ever, and we’re expected to get it done in a week? "
Agree with that 100%. We need to make sure that whatever happens, we think this through. Yeah, if we’re going to intervene we need to give the markets confidence and act quickly… but then we also need to make sure we get it right the first time through. If we screw up the plan we may never get a second chance to fix it.
The other channels had a lot of good coverage of the meetings as well. Shelby was an interesting interview and I’d like to see what all those economists who wrote the letter to him said specifically. That many economists can’t all be totally wrong, and it would be criminally negligent to ignore them even if I weren’t already very skeptical about Congress.
I do think that the House Reps that are not on board have valid points that need to be addressed. Personally, I think that you need to at least discuss alternatives to this big taxpayer bailout.
The stock market WILL fall a bit, but it won’t be the epic fail everyone is worried about, as long as Congress stays active and progresses towards SOME kind of solution.
One problem I have is with the whole reported “well they had a deal in the morning but it started unraveling later in the day” sotry.
As far as I was aware, watching the speech in the morning, was that “we agree in principle” is basically saying “we agree something needs to be done”.
All the channels were saying early in the day that “well, they all agree something needs to be done, but the devil is in the details [i can’t tell you how many times I heard that one] and there’s lots of disagreement about the plan”
That turned into “they had a deal but now it’s unraveling”, which I don’t buy at all. There was never an agreement of any substance in the first place, from my observations of CSPAN and the coverage.
What do you think? How is this going to shape up?