The bailout bill has failed in the house. My very own Representative, Jay Inslee, voted against it. He would have been perfectly happy, I'm sure, with this giant goose-step toward socialism, but my understanding is that it would not have contained enough “taxpayer safeguards” for his taste. I'm trying to get his web site up but the traffic, not surprisingly, is very heavy.
The reason for the vote could be anything (who can pin down the motive of 228 representatives), but the majority of the voters that care, to my shock, were against it. Good for them. I'm nervous about a financial breakdown or a recession that will come without the bailout, but with one in place we will surely be looking at a bigger one down the road.
You can blame the credit markets for this but the Federal Reserve is really where the blame lies. When they lower interest rates and print lots of new money and make loans so easy to get, what do you expect? More to follow...
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