House Fails to Pass $700B Bailout Kanjorski supported Bush. Can you imgaine that? I bet when Ed Mitchell started his strategy of trying to tie Lou Barletta to George Bush he never in his wildess dreams thought it would be PAUL KANJORSKI WHO SUPPORTS GEORGE BUSH. Make no mistake about this episode. Nancy Pelosi couldn't resist partisan politics and it came back to haunt her in a big way.
I am somewhat perplexed by this statement from Senator Chris Dodd who heads the Senate Banking Committee. "Dodd also told "GMA" that the plan to have the government buy up a mountain of virtually worthless mortgages and other debts from banks will work." How do you pay for something that is worthless????
The Young Bull, Old Bull Story
The younger bull turns to the older bull and says, "Look at all those cows. There are hundreds of them down there just begging to be serviced by a bull such as I. Let's run down into the valley and begin production on a few of those heffers..." The old bull smiles and turns to the young bull and advises, "Let us walk down young man and not just service a few but the whole herd!" The message here for those that missed it is to take your time. Don't be hurried and exhaust yourself prematurely.
Taking a little more time to address the concerns of the American taxpayers, the people who are really footing the bill, is a good thing. This time it appears the politicians cannot separate themselves from the greedy corporate executives and their lobbyists. It will take hero surgery to separate them from the hip.
Make no mistake about any plan. George Bush is leaving office at the end of the year. A new President, regardless of which one, will take over. Just as the bailout of the savings and loan industry in the 90's took years for recovery this plan will span multiple Presidents. We, the taxpayers, have no guarantee that any administration or Congress down the road will not try to alter any recovery plan.
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