The House voted down the bailout package today in shocking rejection of a “compromise” proposal previously announced as a “done-deal.”
Members facing re-election apparently had called home overnight to see how their constituents felt about papering over problems in the nations fiscal structure at the cost of hundreds of billions of taxpayer dollars.
The Dow fell 705 points and is projected to fluctuate wildly in the near future.
Governments around the world are acting in crisis mode to prevent bank failures. While Americans are watching Federal takeovers, two British Banks, including that nation’s largest Real Estate financier have been nationalized, wiping out shareholders investments entirely. Three other European nations have taken similar action.
The Nikkei 225 has fallen113 points in Japan and the Shanghai Stock Exchange followed suit.
U.S. lawmakers seem genuinely gripped with a pervasive confusion. The minority of those who actually understand the underlying causes of the crackup (the true conservatives) are being largely ignored as everyone else seeks some answer that is consistent with the ideology upon which they have built their political success. The Socialists want to blame the markets and the Pragmatists, want to find some “middle ground.” There isn’t any. They stand – ready to control the nations finances and markets, as if they owned them – indecisive, lost. You can’t “regulate away” bank failures or massive financial collapse.
Gripped with Confusion.
Federal legislators and the executive branch, alike, smell disaster and are willing to do “whatever it takes” to avert it.
The worst is yet to come.
But they don’t know what to do and don’t know how to figure out what to do and do not seem at all likely to figure out what to do. They have rejected the diagnosis. It condemns their careers.
The Confusion lies over Washington D.C. like a thick smoke obscuring vision, like a curse from the Almighty.
The death toll continues to mount as more than 23,000 American Children were executed without trial last week in assembly-line operations in communities around the 50 states based on allegations that they were “unwanted.”
A dog starved by his master’s gate
Predicts the ruin of the State.
~ William Blake