The House of Representatives just REJECTED the $700 billion dollar bail-out of Wall Street.  YES!!

Largely on the strength of Republican opposition, but also with healthy opposition from House Democrats, the bill could only muster 205 votes, 13 short of that necessary for passage.

To reiterate my comments from this morning, IF you can get past the immoral nature of using tax dollars from person A who took no risk to subsidize the bad investments of person B, then you are confronted with the fact that this bail out legislation contains no real provisions to get the federal government out of the business of monkeying with market forces.

The reality is that eventually the balloon is going to burst, values of property have been skyrocketing well beyond realistic levels.  How bad will the burst be?  That depends on who you talk to about it.  But it is certain the the legislation that was rejected by Congress today gives too much authority and power to Treasury Secretary Hank Paulson.  Paulson, the former Chairman of the Board of Goldman Sachs, and who has an estimated net worth of around a half-billion dollars, is hardly the kind of person you want to elevate in this process.  He lacks credibility to represent those who are skeptical of this process…

Anyways, more to come on who voted for and who voted against this measure.  But a "thank you" is in order for this vote.  I maintain that it will be very hard to get a vote that can pass muster when you need to get "sign off" from the likes of Senator Chris Dodd and Congressman Barney Frank to move it forward…

This entry was posted on Monday, September 29th, 2008 at 12:00 am and is filed under Blog Posts.