Word is, the economy is in shambles. We’re on the cusp of a new Great Depression. Some say it’s just a recession, others say it’ll fix itself8212;the market always does, except when it doesn’t. Others say let Wall Street die. Or bail out Main Street instead.
People took loans they couldn’t afford and ought to suffer the consequences of their poor decisions. There are, however, predatory lenders who have taken advantage of Americans. Wall Street made bad investments and deserves to suffer the consequences, but the consequences of Wall Street failing are greater than bailing them out.
Some blame deregulation, some blame regulation and some just blame Bush. The bailout bill failed Monday. Republicans blamed House Speaker Nancy Pelosi and the House Democrats for the failure of a Bush-sponsored bill and voted against the bill 2-1. Democrats managed to blame Sen. John McCain for the failure of the bill although 95 Democrats voted against it. Political commentator Nate Silver observed that 23 of 26 retiring congressmen voted for the bill, and those in competitive districts up for re-election voted against it 38 to 8. Maybe the no-votes were politically motivated, maybe they were a principled stand against a bad bill, or maybe they were both.
Utah Rep. Chris Cannon, who is on his way out of office after losing his re-election primary, voted yes, citing his belief that the bill was necessary to get our frozen economy back on track.” He was the only Utah congressman to do so. Reps. Jim Matheson and Rob Bishop voted no, with Democratic Matheson arguing the bill contained too much uncertainty and Republican Bishop desiring a more market-driven solution. Even Utah, one of the most homogeneously voting states in the country, can’t make up its mind on this one.
According to Forbes.com, last week a Treasury spokeswoman offered the following insight on why $700 billion made sense: “We just wanted to choose a really large number.”
President Bush followed up by saying we should be afraid anyway: “Our entire economy is in danger.”
But it was probably Gov. Sarah Palin who captured the mood of the nation: “What the bailout does is help those who are concerned about the health care reform that is needed to help shore up the economy8212;Oh, it’s got to be about job creation, too.” Finally, a politician we can relate to.
As it is right now, the national and local deficit is confusing as all get out. No one even knows how to drive the bus and yet they still claim to know how to fix it. Some say take it to the shop. Others say leave it on the side of the road and buy a bike. Such is the national discourse. The only mechanic in town charges $700 billion and can’t explain why, and the driver is still AWOL.
It is time for a leader in the crisis. Does anyone know what’s going on or what the right answer should be? Could you even tell if someone did? No one has looked the American people in the eye and told us, in understandable terms, just what the hell is going on, and one gets the feeling that’s because no one knows.
Erasmus once said, “In the land of the blind, the one-eyed man is king.” He was wrong. In the land of the blind, no one can see who the one-eyed man is.
Aaron Shaddy