Bail fail, VP debate, rebuilding America…

September 29, 2008

(Copyright 2008)


By Tony Walther

Could this be the beginning of another Great Depression? The $700 Billion Wall Street bailout bill went down to defeat today in the House of Representatives and stocks plunged and there have been bank failures across the globe just preceding this. Apparently there will be no more action on this until tomorrow and maybe not even till Thursday.

My last blog was headlined: Democracy altered bailout, can it kill it? Guess I got my answer. Actually it was democracy and politics. No one wants to take the blame; everyone wants the credit, and there is no way to know what will happen if the bailout (or rescue)  ultimately passes or fails. Leadership is needed, but who can lead?

That was a new lead and now back to my blog as written hours earlier:

The bailout bill is said to be posted on the House Financial Services Committee website, and I know it is posted elsewhere on the web, along with summaries or news stories about it. I only quickly read over a summary on the LA Times site and listened to reports on TV.

As it now stands, the $700 billion would not all be allocated all at once. In some cases the government would buy up bad assets and in some investors would purchase government underwritten insurance on questionable assets. There are also provisions for the government to gain an equity stake in companies benefitting from the program in order that if the market turns around the government can actually make money on the deal. There are also to be curbs on executive pay for firms that take part. All that was from a summary I read in the LA Times.

…. It looks like the upcoming vice presidential debate on Thursday promises to be more exciting than the presidential candidate one this past Friday. How Sarah Palin could possibly stand up to Joe Biden is a wonder to me, but then again, I am often surprised at the outcomes of things (like that borefest last Friday). But let’s pray that Sarah does surprise us all. We can’t afford even the possibility that she would become president some day if her past performance, especially before Katie Couric, is any example of her knowledge and abilities. Just poor Sarah’s luck that Katie would finally start acting like a news person again and she, Sarah, was her first victim. I don’t care for Mrs. Palin’s politics. I think, however, she is a well meaning person catapulted into something that is way out of her league. It’s a little sad, and a lot embarrassing. The word is that she is sequestered down at the McCain Sedona spread in Arizona cramming for the big test. My guess is that she will bend pre-programmed talking points into an answer for each question whether it fits or not. 

… Something strangely left out of Friday’s foreign policy debate between John McCain and Barack Obama was what is going on down Venezuela way. Russian war ships are set to exercise with that country’s navy in November and Venezuelan president Hugo Chavez claims his country may work on a nuclear power deal with Russia. As I wrote in a previous blog, that would have been a cause for alarm and amounted to a threat to start World War III back in the Cold War days, i.e. , the Cuban Missile Crisis of the early 60s. And what about the Monroe Doctrine?

… And back to the economic thing. From what I am reading I do see the signs that life in America is not going to be the same with or without the latest bailout bill. My hope is that while there could be some discomfort it will serve as a kind of catharsis and then we will forge ahead with a new and more prudent but still vibrant way of doing business that will eventually lead to a new prosperity.

We really need to find some way to declare victory in the Middle East and come home.

Four thousand plus dead, thousands more wounded, and as much as a trillion dollars invested so far to help nations that fight internally among one another instead of working together to be free. And Iraq keeps its oil money and forces us to spend our own treasure. In my opinion we should get the oil revenues because we invested in it with our money and blood.

There was no reason to go into Iraq other than the oil. And as far as Afghanistan goes, why do we have to send a whole army to get one man? Originally we went into Afghanistan because they apparently were harboring Osama bin Laden, the admitted master mind of 9/11. It seemed as if Iraq had essentially by its actions put itself at a state of war with us. But after all this time it seems foolish to use an army to hunt one elusive man. Everyone knows that we are trying to create by blood sweat and tears a Middle East that is friendly to us. It’s not worth it.

Some say it is better to fight “them” over there than to fight “them” here. I don’t know. I think we need to rebuild our own country and that we are running out of money to fight “them” over there. I say let’s put our resources into the job that needs to be done at home and by God if “they” want to fight us here we’ll be ready.