Beyond $700 Billion
By: Lloyd Wynn
Imagine a patient visiting her physician for an annual checkup and is informed she has cancer. While in her physician’s office, she has a heart attack and now the physician must attend to the patient’s immediate health concern (the heart attack). That is the situation the Administration must confront. The $700 billion request by the Administration will address the heart attack but not the cancer which some experts think has metastasized.
Last week when the Administration made its case before key leaders from Congress and the two presidential candidates, it was revealed credit markets were frozen and interbank lending had ceased. If we are to believe the Administration, famine, pestilence and locusts will plague us for the next 15 years if Congress does not approve their $700 billion request.
Well on Monday, Congress refused to approve the $700 billion plan. The rejection was not along party lines as 133 Republicans and 95 Democrats opposed the plan, but the ensuing finger-pointing surely turned partisan. The republican leadership (Reps. Boehner and Blount) quickly assailed the speech of Speaker Nancy Pelosi, D. CA, given during the debate prior to the vote, as the cataclysmic event which alienated many of the 133 Republicans. I can think of many reasons to run Speaker Pelosi out of town on rails but that speech was not one of them…
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Rep. Sheila Jackson Lee, representing the 18th congressional district of Texas, says no to the financial bailout deal. Amongst other things, she cites the ambiguous help (if any) offered to homeowners who lost their homes – or happen to be on the verge of losing it – as a reason to remain firmly opposed to the deal: