The Fallout Begins
Many thanks to Laura for covering the cliff dive of the markets while I couldn’t. I’m back now, and it’s fair to say the reactions to the House’s failure to
Jul 31, 20201.3K Shares693.3K Views
Many thanks to Laura for covering the cliff diveof the markets while I couldn’t. I’m back now, and it’s fair to say the reactions to the House’s failure to pass the $700 billion Wall Street bailout bill today go beyond mere shock or surprise.
Here’s my favorite so far, from Atlanta blogger Megan McArdle, usually no fan of government intervention:
“„I didn’t think it was possible to be more disgusted with politicians than I usually am, but I find it impossible to express the seething contempt that I feel at this kind of opportunism. I don’t mind when they screw with the normal operation of the economy for venal personal gain. But risking a recession in order to get a cut in the capital gains tax? Letting it tank because you can always blame it on the Republicans?
“„I am grimly reminded of H.L. Mencken’s famous observation that democracy is the theory that the common people know what they want, and deserve to get it good and hard.
“„The public doesn’t quite grasp what’s at stake, but the representatives do. The true believers–well, I forgive them their zealotry, and hope that they’re right and I’m wrong. But anyone who tanks a bank bailout they think might be needed in order to get a cut in the capital gains tax, deserves to be tried for treason.
Well.
Send me your reactions, and I’ll post the best of them.
Hajra Shannon
Reviewer
Latest Articles
Popular Articles