nancy.. oh nancy.. after you 'lead' the house to get all of the votes lined up you need, you then launch in to your self serving diatribe to try to lift your approval ratings from the gutter and pander to your moveon.org buddies.. now, there is no deal. As 'Rome' burns, you fiddle.. you play your sad San Francisco tune.
so now, we wait and watch.. it should be no surprise that the do-nothing congress will sit back and once again succeed in doing nothing.
I think it's clear that the American public is not interested in empowering government, the entity responsible for this mess, to take taxpayer money to fix something that should have never happened to begin with. It's not difficult to understand why we as taxpayers are not interested in giving more to those who failed in the first place.
Why not look at some regulatory changes to create liquidity ? Why not reduce the capital gains tax to 0%. Why not change income tax laws and corporate tax laws to create more liquidity ?
The interesting thing to see is whether inaction will actually result in stabilization after the initial shock. Will the markets weather this storm losing 10-15% and then recover without a bailout ? Will we see a total collapse based on zero liquidity in the credit markets? Time will tell.
I think it's obvious that overinvolvement from the government has resulted in this mess. Adding more government to the equation makes me squeemish.. as a great man once said:
"That government is best which governs least."
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