It has been made public knowledge and accepted by the majority of voters that this crisis occurred on Bush's Watch and implicates Republican economic ideologies as why we got to this point.
Some Here are afraid that Repugs who are runnings scared will try to spin it otherwise, blame Democrats, and turn the election on its head by voting NO against the Rescue Package.
There is a problem for those Republicans however.......which is that they lack any real credibility. Those outraged Republicans are the "Free Marketers" that have been blamed for our problems to begin with. Those who attempt to vote NO on the rescue bill will need an awfully good solid back up story, and as Republicans, they are on the shakiest of ground....as a NO vote coming from them will be seen as political calculation laced with artificial outrage...by anyone with a 1/2 wit of sense. Some of them might survive, but as incumbents, I doubt it.
There is no doubt that Americans are upset about this bill.....as I am. But, the big question is who are they upset at? Those who caused a need for the Bail out, or those who ended up required to support a rescue bill in order to quash a pending calamity?
I believe that when everything is said and done, Bush, Wall Street, Republicans, and Washington DC, in that order, is how the blame will be ordained. Barack Obama, not really seen as having been in Washington long enough to have contributed to this, will be the last person blamed, no matter the spin. Some may argue that he didn't take enough command of the situation, but Obama is being backed by documented media account of handling his part in a very minimal and non intrusive manner, while John McCain has been reported of politicizing the problem with his campaign antics. Barack has made clear that he is running to clean this shit up, and wasn't part of how it got to where it ended up. He was also the one that provided clear changes to the original proposal, one that is more favorable to Main Street. In otherwords, Barack Obama represents change of exactly what has happened, and there is no way that he will be seen as anything beyond that.
How do I come to this conclusion?
BECAUSE: There is
tangible evidence that Wall Street is going down into the toilet.
Large firms like Caterpillar (equipment firm)having to pay almost twice the prior interest rate
http://www.forbes.com/reuters/feeds/reuters/2008/09/26/2008-09-26T184715Z_01_N25321491_RTRIDST_0_CATERPILLAR-CRISIS.htmlGM (auto firm) line of credit worries that show that they are in real trouble
http://www.247wallst.com/2008/09/gm-gm-dives-int.htmlWashington Mutual failed
http://www.reuters.com/news/video?videoId=91320&feedType=VideoRSS&feedName=Business&rpc=23&videoChannel=5&sp=trueand Wachovia is in talks to sale due to a possible verge of failure.
http://gothamist.com/2008/09/27/wachovia_talks_to_citi_others_about.phpThe Chinese Banks have been given directive to stop lending to American banks, unless there is a plan in place.
http://www.reuters.com/article/marketsNews/idUSPEK16693720080925There have been many big time players stating that a rescue is not an option but a requirement to avert impending doom. CNN and folks like Warren Buffett are verifying that this is the case.
http://www.reuters.com/article/marketsNews/idUSPEK16693720080925http://money.cnn.com/2008/09/26/news/economy/bailout_impact/index.htm?cnn=yesIn otherwords, this "crisis" is not made up, as there is verifiable proof of such, nothwithstanding the public witnessing the failure of ALL investment banks as well as the largest insurer in the country, AGI.
It is my prediction that the people will want to vote for the ones who weren't directly responsible and if nothing else, negotiated a better position for the taxpayers.....and I think that they will do this.
In the back of their mind, there have been tell tale signs for a long time, and voters subconsciously will remember watching Bear-Stearns that was bailed out recently...as well as Fannie Mae and Freddie Mac.
So this ain't happening in a vacuum.
It is true that the Congressional Democrats have had their face on Television more than I would have liked, some of them smiling, which I believe is not a good picture....
but because parade of press conferences by the mediating parties were done to reassure the markets.....as a large part of solving the crisis is re-establishing confidence, this has been a necessity more than grandstanding.
Also remember what there is something damning to point to; something in which John McCain is directly affiliated to The U.S. Savings and Loan Crisis, named as one of the biggest bail out in US history prior to now.
Bailout date: August 1989
Amount: Estimates vary widely, but $200 billion (in 2008 dollars) is a reasonable figure. What happened: The “S&L” debacle of the late ’80s and early ’90s was long in the making and long in the unwinding. U.S. taxpayers were first put on the hook when then President George H.W. Bush (right) signed the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which radically reformed the savings and loan industry and federal regulations. When the dust finally settled in 1995, more than 1,000 small lending institutions known as “savings and loans,” also called “thrifts,” had failed. Half of the federally insured thrift institutions in the United States had gone under in less than a decade, and the associated slowdown in new home construction and the financial fallout contributed to the 1990-1991 recession. The underlying causes of the S&L crisis are complex and disputed, but most scholars generally agree that high, volatile interest rates, reckless lending practices, rapid deregulation, and lax oversight paved the way for the greatest banking disaster since the Great Depression.
http://www.foreignpolicy.com/story/cms.php?story_id=4470 So I think that this Rescue Plan/Bail out will not affect the presidential race detrimentrally.
Those harmed will be those seen as Washington insiders, and in particular, Republicans.
Also, for once, the Corporate media will make sure that those who participated affirmatively with this Rescue Plan will not be made to suffer.....because, fortunately, they are affected in this going well due to the interest of their parent companies, i.e., a financial collapse is not in their interest.
Keep in mind that only 250 Billion is being released at this time. The rest of the money comes with strings attached....which means that everyone has to continue to be on the same page, or else, the rest of the funds can be withheld. That means that BIG Business, including Media conglamorations cannot all of the sudden start covering for the Republicans who might want to blame this bill on whomever voted for it.
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