Congress Sells You Out For Votes

Congress did not pass the bailout today. They will tell you all sorts of reasons why. Maybe to make a stand for "Main St." or maybe because they thought the plan doesn't do what it needs to do (most really have no clue). Or as one Republican whined, they didn't get the Republican votes because Nancy Pelosi claimed victory early, despite the conservative Republican opposition. But don't let these reasons fool you. The bill was shot down because the members of Congress have a big reelection coming up, and they'd rather sink the country than lose their jobs.

The bailout, while not perfect, was the effort of leading economists, business-people and legislative experts in banking. You'll notice, these experts didn't consult Main St. morons what they think when crafting the bill. That's because they don't have a clue. This bailout is needed as quickly as possible, to solve this liquidity crisis we have in our country, and the world. This effort will be coupled with major efforts by the Fed, such as the move that was made today. Without quick, bold moves, Main and Wall Streeters alike will be suffering from the failure. These monumental efforts will eventually pay off, but in the short term, we need to worry about fear!

The news is grim. financial markets around the world are in big trouble. The two largest banks to ever fail, Washington Mutual and Wachovia, have failed on successive business days here in the States, and 5 major banks were bailed out in Europe over the weekend. People are taking money out of their banks at explosive and irrational amounts (and is being blamed for the collapse of these banks). Even this week's Business Week cover speaks not of where to invest, but where to "stash your cash". Obviously, people are freaking out.

Congress, you need to knock off the showboating and get this bill passed. At this point, it doesn't matter what it even says, it just matters that it gets done. Give us some confidence back in our leadership. Show us that you know we are in trouble and have the strategic minds to move us ahead. Whatever you do, just knock off the freaking politics. Get off the TV and go back to the war rooms. Do it now.