Woo hoo!
228 good men and true (and women, obviously) refuse to approve lunatic $700 billion dollar corporate subsidies, aka "Fed bail out"!
Interestingly, a large majority of Democrats voted Yes and a large majority of Republicans voted No.
OK, that's not what the linked article says, because that's from half an hour ago. Try this one.
Nicked Bags
4 hours ago
6 comments:
Guido will no doubt note that the curse of Broon has struck again.
MW
Like everybody else I've no idea what this rejection presages. However, as a matter of principle, I don't believe that giving a blank cheque to the financial authorites (no matter how hedged around with procedural hurdles) to do "what it takes" is the way to go since no-one can tell us what "what" is.
BTW it seems that as far as the BBC is concerned (if the questions addressed to Osborne on BBC News 24 are any indication) and the witch Pelosi, despite the bipartisan vote, the rejection - and the fall-out on the Dow - is all the fault of the Republicans. Mind you, if the rejection turns out to be the right decision the Democrats (to the applause of the BBC) will take credit for it.
The BBC coverage this was a tad skewed to say the least. They should have got Ron Paul on!
Of course, people are talking about credit now being more expensive. But, of course, with the bailout, every US citizen would have to give $4000, which would therefore also make them poorer.
There are important principles of markets that people who invest in bad ideas and lose should suffer. It's why you should always diversify a bit and not bet everything you've got.
The key thing is about how to manage the risk properly. Personally, I'd like a market solution to protecting investors money, in the same way that I have to pay for 3rd party car insurance. Why should the likes of Crock and B&B get the same coverage as Nationwide, which operated a lower growth, lower risk model? I won't get the same insurance price on a Ferrari as my Toyota.
This is good news indeed!
A line from the illustrious BBC that has had me laughing all night is that:
"66% of the Republicans voted down the rescue plan against the 60% of Democrats who voted in support for it."
See that; 66 against 60... what nasty people the Republicans must be! Its all their fault, the BBC proved it with their figures!!
What they conveniently forget to tell everyone is that the Democrats could have passed the bill on their votes alone without needing the help of the Republicans. Remember that when the mug slinging starts.
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