I am disappointed by the politics and the media coverage of the current financial crisis, but not so much about the failure of the bailout bill yesterday. Throwing money and bigger government at problems is almost never the answer. I am glad that many House Republicans stood up against additional government interference in the economy. My best hope is that with the failure of yesterday's bill, we will end up with a better one. My fear, though, is that rather than House Republicans ending up with a bill they can support, Democrats will throw in some items to woo the votes of the 94 Democrats that voted against it. That would result in passage of a more liberal bill that would most likely help Obama and congressional Dems politically short term, but would make the economy worse for many years after the November election. My fears have been more accurate than my hopes lately so I am not optimistic on that front.
As for being disappointed by the politics, let me make clear I am disappointed, not surprised. Making a bitterly partisan speech on the floor of the House just before voting on a huge piece of legislation, when you have been begging for votes from the other party, and when 94 of your own party could not be persuaded to vote with you, is just about the dumbest move a Speaker of the House, or any politician for that matter, has ever made. Ever. Nancy Pelosi is either breathtakingly stupid or so consumed by hatred that her brain cells are not operating properly. Based on some of her past statements, over a period of years, my guess it is a little of both.
What might be the second stupidest move of any politician goes to House Republicans who came out and gave a press conference saying more people might have voted for the bill if not for Pelosi's partisan rant. Republicans have many reasons not to vote for the bill and most of those who voted against it did so on principle, because they favored a market solution rather than a government solution. For House Republicans voting for the bill to come out and make such a statement was not only politically stupid, but it was not fair to all those Republicans who voted against the plan on conscience and principle.
The media coverage is disappointing, but also far from surprising. This morning Tucker Carlson said the biggest problem with media coverage has not been bias, but dumbness. That is almost always the case when it comes to anything that is remotely related to the economy. I don't know much about Wall Street or banking, but far too often the journalists on camera reporting these issues this week appeared to know even less.
I just skimmed back over this blog post and realize I called a lot of people dumb and stupid. In my defense, I was bipartisan in my name calling and it was hard to avoid considering the subject matter.
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Filed under:
2008 Presidential Race, Economics, Nancy Pelosi, Wall Street
Comments (10)
My take on the Pelosi effec... (Below threshold)1. Posted by Stephen Macklin | September 30, 2008 12:21 PM | Score: 3 (3 votes cast)
My take on the Pelosi effect is that there were some Republicans who didn't like the bill but for political/bipartisanship reasons were willing to hold there noses and vote in favor. Those are the people Pelosi lost.
1. Posted by Stephen Macklin | September 30, 2008 12:21 PM |
Score: 3 (3 votes cast)
Posted on September 30, 2008 12:21
2. Posted by Stoutcat | September 30, 2008 12:49 PM | Score: 2 (2 votes cast)
Aaargh! I'm tearing my hair out, here! Speaker Pelosi is the worst thing to happen to the House in its entire history. I don't know why people -- both Democrats and Republicans -- aren't getting mad and staying mad about this latest example of piss-poor "leadership."
Please join with us at Grand Rants, and get mad!
http://grandrants.wordpress.com/2008/09/30/mad-as-hell-and-getting-madder-all-the-time/
2. Posted by Stoutcat | September 30, 2008 12:49 PM |
Score: 2 (2 votes cast)
Posted on September 30, 2008 12:49
3. Posted by Pay Attention | September 30, 2008 1:16 PM | Score: -7 (7 votes cast)
Talk about dumbness! Not understanding the seriousness and scope of the credit crisis. Those who did not support this bill obviously don't understand it and showed their financial ignorance. Bernake & Paulson & Bush get it. The credit & stock mkts obviously showed they get it! The stock market is a LEADING indicator. This credit crunch isn't something that will just "correct" itself. Unfortunately were WAY past that. Do you people get it?!?!?!
3. Posted by Pay Attention | September 30, 2008 1:16 PM |
Score: -7 (7 votes cast)
Posted on September 30, 2008 13:16
4. Posted by max | September 30, 2008 1:39 PM | Score: 0 (6 votes cast)
"My take on the Pelosi effect is that there were some Republicans who didn't like the bill but for political/bipartisanship reasons were willing to hold there noses and vote in favor. Those are the people Pelosi lost." - Stephen Macklin
Except Republican representative John Shadegg from Arizona says not. http://talkingpointsmemo.com/archives/220911.php
"I don't know a single Republican who did [vote against the bill because of Pelosi's speech]," Shadegg said in an interview with MSNBC on Tuesday. "It was a stupid speech by her, but it didn't move any votes. On an issue of this importance, nobody would be moved by that."
Where Congress has failed is in convincing the voters that this is a good idea. This is actually a matter of elected representatives doing what they were elected to do. Represent their constituents. Bravo to the House Republicans for telling Bush, Paulson, McCain, and Boehner to go F themselves.
4. Posted by max | September 30, 2008 1:39 PM |
Score: 0 (6 votes cast)
Posted on September 30, 2008 13:39
5. Posted by Falze | September 30, 2008 2:01 PM | Score: 0 (2 votes cast)
Did Pelosi's rant make people that were going to vote 'yea' vote 'nay'? Probably not, which makes Shadegg correct. But did her partisan rant make it impossible to sway any of those that otherwise might have been willing to tilt? In other words, did it turn 'probably no's' into 'no frickin' ways'? I have to think that it did.
5. Posted by Falze | September 30, 2008 2:01 PM |
Score: 0 (2 votes cast)
Posted on September 30, 2008 14:01
6. Posted by max | September 30, 2008 2:37 PM | Score: -2 (2 votes cast)
Falze: "I have to think that it did."
You don't have to think that, you want to think that.
6. Posted by max | September 30, 2008 2:37 PM |
Score: -2 (2 votes cast)
Posted on September 30, 2008 14:37
7. Posted by marc | September 30, 2008 6:08 PM | Score: 1 (1 votes cast)
pay attention - "The stock market is a LEADING indicator"
Yeah sure. Right. But... if it's the leading indicator as you say then we have nothing to worry about, the market hasn't speedily hit 6,000, the Asian and EU markets while a bit jumpy are reasonably stable.
Someone needs to "pay attention" but I'm very sure it's not who your pointing at.
7. Posted by marc | September 30, 2008 6:08 PM |
Score: 1 (1 votes cast)
Posted on September 30, 2008 18:08
8. Posted by LaMedusa | September 30, 2008 7:00 PM | Score: 0 (0 votes cast)
Pay Attention sez:
Let me guess. With your expert knowledge on how the market and interest rates work, you just went completely to cash, in a panic. Or, maybe you meant "Pay Attention to Someone Else."
8. Posted by LaMedusa | September 30, 2008 7:00 PM |
Score: 0 (0 votes cast)
Posted on September 30, 2008 19:00
9. Posted by truth | September 30, 2008 10:18 PM | Score: 0 (0 votes cast)
No. Dum Dums. 6000 on the dow? Are you serioius?? 50% drop from the highs? 25% drop is plenty enough for me, so I hope your kidding. And sell in a panic...me? not so much...most unsophisticated investors...like a lot of people. Yes!!
9. Posted by truth | September 30, 2008 10:18 PM |
Score: 0 (0 votes cast)
Posted on September 30, 2008 22:18
10. Posted by LaMedusa | September 30, 2008 10:37 PM | Score: 0 (0 votes cast)
I was talking to "Pay Attention". Are you a sock puppet, truth? Maybe a rude sock puppet trying to sound like you know something?
10. Posted by LaMedusa | September 30, 2008 10:37 PM |
Score: 0 (0 votes cast)
Posted on September 30, 2008 22:37