President Bush Goes Before Cameras Yet Again to Calm Markets
Just before the Asian markets opened at 6 p.m. EDT, Sunday, Speaker of the House Nancy Pelosi (D-California) came before the television microphones and said there was a rescue bill or a bailout bill or whatever you would like to call it, that it was up on the Internet and that it was frozen. Done. Clearly nobody in Congress wants to touch this thing: it is that radioactive. If they pass it, voters will think its a bailout for the rich creeps on Wall Street and they will vote out everybody who favored it. They don’t pass it, the market tanks, banks fail, the new Great Depression rolls in and voters vote out everybody who favored it and everybody who didn’t.
The Democrats have a majority in both houses and can pass any kind of bill they want, but Rep. Pelosi said “It’s their bill, it’s a Republican administration.” The Democrats don’t want to get burned on this thing unless a big group of Republicans will give them cover by voting for it too. We still don't know if the votes are there.
It’s a no win, everybody loses kind of bill. Meanwhile none of us really knows what will happen to the markets if this bill passes--or if it doesn't. We can always go by what that well-known economic expert George W. is reported to have said at Thursday’s acrimonious White House meeting: “Look, if we don’t loosen up credit, this sucker could go down.”