1. Approximately 40% of the Dems and approximately 66% of the GOP thought the bailout plan as presented was not good.
2. From both sides of the aisle (B. Frank last week and a Republican Rep from NJ on NPR this morning) comes the "charge" that the very urgency of the passing the bailout or face economic disaster is part of a self-fulfilling prophecy being peddled by the White House and Treasury Secretary.
3. Republican constituents are calling in/emailing 10-1 against passage of the bailout.
4. Neither party or presidential candidate wants to totally commit to the wisdom of the bailout (due to the fear it won't work and is a bad idea-especially in an election year.)
5. One of my senators is against the bailout, one is cautious about it, and my representative in DC is for it.
For all this, I can't see the wisdom of hasty action out of fear and panic-not good combinations. (Note that if you see political ads-which we don't in SC as we are not a swing state as Ohio is-both candidates are running on fear of the other more than anything else.)
If the Dems really want a bailout, they can do it without the GOP-but they are afraid to. Isn't this a sign they aren't confident in the plan itself?-or is it simply political fear?
No one (*I suppose some do, but only on the fringe) wants wholesale bankruptcies and high unemployment, inflation, etc. (I would be the first to lose my consulting income which is an integral part of our economic survival especially with discretionary spending, i.e. books, very low, if a deep recession hit) but I don't think the case has been made for this BIG power grab by the executive branch.
I think our economy is headed for the rocks one way or another within the next 10-100 years (broad prediction that!). I don't think this is the crisis-bailout or not-which will sink the ship.
Of course as the title to the post disclaims-I really don't know what I am talking about....
Oremus pro invicem!