While I was over at FireDogLake reading Ian Welch’s article about the stimulus bill, the mystery of why Congress has done the things it’s done regarding our financial crisis finally was answered, at least for me. Specifically, I’m referring pouring $700 billion dollars down the crapper that we call our banking industry, while wringing its hands about anything that might create jobs for people who don’t have them at the moment. A commenter there started me thinking by writing this:
As go Republicans, so go bluedogs.
Talking point: you vote against this bill, and this economy goes down, it will be hung like an albatross round your neck, and you will find yourself in a bread line with everyone else, after the next election cycle.
Now, let me first emphasize that there’s nothing dumb about this comment. This is the way it should work in a democracy – if you screw up badly enough, you should pay a price. The problem is, that’s not the way it works in early 21st Century America.
Here’s why.
To see the remainder of this article, which includes embedded graphics that FDL doesn’t support, please click here. My apologies.



8 Comments







Cujo359, I tried to open the DIGG, got “an unknown fatal error has occured”.
I’ll try again. Meanwhile, I think your chart at the link cleared up that mystery for me, too.
Since I saw Paulson, all wild-eyed and panicy with his initial hold-up note in the senate, I’ve thought it was because of his own losses in the market. (He was reported last Fall to have lost about $350 Million of his reported monetary worth of $700 Million). hmmm…did he tell the congress critters behind closed doors about his huge losses and if they didn’t save the Fat Cats then their investments would also disappear?? (along with threatening martial law).
Thank you for this mystery-solver, Cujo359.
You’re welcome, and thanks for trying to Digg. I need to open an account there. Believe it or not, I was stymied by the question of which password to use. I clearly wasn’t in the frame of mind to do it.
Cujo, I’m relieved to learn that someone else gets frustrated with passwords. I’ve got so many that I have to get out my log book to see which one to use.
Your work is excellent. Let us see more of it. When I read your article and saw that chart the light bulb really turned on. Up to then I was most puzzled why congress was admittedly going against their constituents’ opinions – the e-mails, phone lines, faxs, etc were clogged with angry callers.
Obama and the baloon floaters are already talking about more money to prop up the financial industry; it will probably pass easily with only show-bluster against it.
Thanks. Frankly, cross-posting here from Blogger is a pain, at least for me. But I intend to do it when there’s a good fit between what I’m writing and what people write here.
On the subject of further bailouts for the financial industry, I think you can count on it. I even made a cartoon about it.
DIGG is open
Sorry, but this is no news to me. I always figured they did this to protect themselves and their friends, while we go hang.
What a world!
Yep they sacrifice us to protect their banks somehow thinking that the problem with the banks will go away if they just stall things.
Now is not the time to stall things will only get worse if nothing is done.
You’re awfully cynical for someone so young…
I don’t blame people for taking care of themselves first. We all do, assuming we are at all healthy psychologically. We all put the people close to us first, and strangers come next. I suppose one of the differences between good people and not so good ones is how much concern they have for those other folks. Anyway, this particular thought about how that idea would manifest itself re: the banks hadn’t occurred to me before. Clearly, it hadn’t occurred to the person I quoted, either.
What I’m counselling her is that we aren’t going to frighten Congress. They probably should be frightened, because depressions are really economic chaos, and chaos, begin chaos, isn’t all that predictable. Still, most of them will be just fine in anything short of a complete calamity, and they know that. What we need to do here is convince them that it’s still in their interests somehow to make sure that the rest of the country gets through this thing intact. How to do that, I’m not sure. I’m pretty sure that Louis and Marie didn’t see the implications of the starvation and chaos around them until it was too late.
I can’t tell you what will work, but the idea I quoted won’t.