Wednesday, October 1, 2008

Why we need the bailout plan - NOT!

I was listening to NPR this evening and their story on the Senate bailout bill led with these two quotes from senate leaders. First, Majority Leader Reid:
This isn't for lower Manhattan. This is for people in Elkland, Nevada, Reno, Nevada, Las Vegas, Nevada. This is for people to keep their jobs, to be able to buy a car, and get a loan to take care of that car, so a car dealer will be able to do as they have done for decades, to borrow money to buy cars so they have cars to sell. Right now they can't do that. I got a call yesterday from a car dealer in Las Vegas saying, "I can't buy any cars. .... The inventory we have, if somebody buys a car, most of them can't get a loan. And it's going to get worse, not better, unless we do something."

Then, Missouri Senator Kit Bond:
Today I was advised that the state of Missouri cannot issue bonds to build highways. The state of Maine is also having trouble.

So let me get this right. We need to pass this bill so that people can buy more cars and build more highways? Count me out.


Remind Myself said...
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spadamchrist said...

This is, as Matt Yglesias calls it, "a crisis point for American liberalism." The battle lines are already clear: Paulson and Bush and the Republican Party want a license to reward the worst actors in the financial industry and do nothing for American families suffering the consequences.
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