September 19, 2008
-- by Dave Johnson
It occurs to me that this sudden bailout demand - on a Friday - that the Congress hand over $1 TRILLION dollars NEXT WEEK is based purely on fear.
It is not a RESPONSE to an existing problem, where we could see what was going on and see the affected businesses and workers and regions and gauge the seriousness and allocate according to demonstrated need. This is based entirely on a fear story -- of we DON'T do this, then TERRIBLE things will happen.
Where just a few days ago all the people at the top were saying "the fundamentals are sound," suddenly they are all saying in unison that the sky is FALLING, and they have this PLAN, where the taxpayers have to hand them a $TRILLION dollars, IMMEDIATELY, or the most TERRIBLE things that you can't even imagine will certainly happen to you. And we have to do it next week, before you all head home to campaign. And all the Republicans are saying in unison we can't be partisan with something this important, just take our plan and pass it now.
The timing is just too convenient. Just before an election. Just before the Congress heads home to campaign. The amount is just too large. The need is just not demonstrated -- this is not a RESPONSE it is anticipation and fear. (In fact, the stock market is UP about 800 points in just two days.)
We all need to take a breather, wait a while, and be sure this bailout is needed. A couple of weeks, a month, to see if this is for real or not.
It really looks to me like this is a pure shock doctrine fear play.
Posted by Dave Johnson at September 19, 2008 2:46 PM
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