Thursday, September 25, 2008

Hope For America?

Bailout deal breaks down:
A Republican rebellion stalled government efforts Thursday to avoid economic meltdown, a chaotic turnaround that disrupted the choreography of am extraordinary White House meeting meant to show joint resolve from the president, the political parties and the presidential candidates.

After six days of intensive talks on the $700 billion financial industry bailout proposed by the Bush administration, with Wall Street tottering and presidential politics intruding six weeks before the election, there was more confusion than clarity.

An apparent breakthrough was announced with fanfare at midday by key members of Congress from both parties -- but not top leaders. Wall Street cautiously showed its pleasure, with the Dow Jones industrials closing 196 points higher.
That makes sense. The people who better understand what's going on show pleasure when the people who don't understand what's going on don't do anything. I'm pleased about that too.

I don't expect this gridlock to last, but one can always hope...

No comments: