Behind the bailout backlash

  • Follow Editorials

Some in the national media have branded Congress "incompetent" and "irresponsible" for not agreeing to the economic rescue sooner.

This page would never shrink from pointing out incompetence on Capitol Hill. But that's not the reason the rescue plan stalled this week.

Indeed, it's just the opposite: A number of politicians were actually listening to their constituents for a change. And the public has been adamant in its opposition to the plan.

Whether that's because folks don't see the seriousness of the problem and the potential effects on them, or because they simply don't agree with bailing out failed firms and fat cats, they have inundated their members of Congress with calls and e-mails opposing the bailout.

Maybe that will change if the deal's terms end up more favorable to taxpayers. We're skeptical: It appears, instead, that the bill is being loaded up and larded up with baubles and bells that may end up costing us more. True to form, the Senate bailout bill included money for race tracks, wool research and Caribbean rum.

Were you not aware that sheep needed bailing out? Neither were we.

Regardless, this has all the earmarks -- poor choice of words -- of the failed "comprehensive" immigration bills of several years ago. Elites in Washington wanted to ram immunity for illegals down America's throat. Despite being busy earning a living, hundreds of thousands of us stopped that canard in its tracks. Twice.

The difference this time is that the rescue sure seems necessary. Congress and the White House will just have to convince a whole lot of folks that it is.

But it's not "incompetence" for members of Congress to ask the same questions their constituents are asking. It's what a republic does.

Comments (19) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
HTN007
19
Points
HTN007 10/02/08 - 04:25 am
0
0
"And the public has been

"And the public has been adamant in its opposition to the plan."........because it's "voodoo economics"....borrowing from Peter to pay Paul when Paul has no tangible assets to lend. And in the end guess who pays......our children and grandchildren!

Ga Values
27
Points
Ga Values 10/02/08 - 05:06 am
0
0
Lobbyist run our government,

Lobbyist run our government, the Senate bill takes a BAD $700,000,000,000.00 rip off of the taxpayer & adds another $100,000,000,000.00 to it. We have to throw out all incumbents. Why don't we have a Senator like Jim Demint?? By the way our RINO Saxby Special Interest Chambliss has taken $1,322,000.00 from Banks, Insurance Companies & Real Estate, Guess who he works for. Hint it is NOT the Georgia taxpayer.

patriciathomas
42
Points
patriciathomas 10/02/08 - 06:04 am
0
0
The senate sell-out bill is

The senate sell-out bill is designed to force the representatives to accept the pork laden bail out. Apparently lobbyist money was well spent in the senate. Ga Values is spot on. Both houses of congress need to be emptied and refilled with men of Demint's values.

Reality
3
Points
Reality 10/02/08 - 06:12 am
0
0
As long as there are

As long as there are politicians and money you will have corruption......

Republicant
3
Points
Republicant 10/02/08 - 06:25 am
0
0
Heard on CNBC that some

Heard on CNBC that some people were actually cheering when the house voted the bill down. Minutes later they were staring at the dow ticker plummeting 700 points. Some were heard muttering " There goes my 401K..." People cannot see the correlation between the two.

patriciathomas
42
Points
patriciathomas 10/02/08 - 06:39 am
0
0
Your time line if off

Your time line if off Republicant.

Republicant
3
Points
Republicant 10/02/08 - 06:41 am
0
0
Meaning the market closes at

Meaning the market closes at 4pm and the vote occurred at approx 1230 pm. As the vote tally was being displayed, there was also an image of the djia ticker and it was already down 545 points for the day at that point.

patriciathomas
42
Points
patriciathomas 10/02/08 - 06:58 am
0
0
yeah, that's what I said.

yeah, that's what I said.

Ga Values
27
Points
Ga Values 10/02/08 - 07:22 am
0
0
Republicant-- you really need

Republicant-- you really need to take a few Economics Classes.

Republicant
3
Points
Republicant 10/02/08 - 07:41 am
0
0
GA values, so the massive

GA values, so the massive selloff that was occurring during the vote was in no way tied to each other? I need to take some econ classes? If you say so.

LaTwon
1
Points
LaTwon 10/02/08 - 07:44 am
0
0
republicant is referring to

republicant is referring to the house vote.... not the senate vote.
he is correct.

mgroothand
5
Points
mgroothand 10/02/08 - 08:14 am
0
0
It was actually three former

It was actually three former Fannie Mae executives that brought down Wall street: FRANKLIN RAINES Raines works for the Obama Campaign as Chief Economic Advisor. TIM HOWARD, Howard is also a Chief Economic Advisor to Obama. JIM JOHNSON, Johnson hired as a Senior Obama Finance Advisor and was selected to run Obama's Vice Presidential Search Committee.

LaTwon
1
Points
LaTwon 10/02/08 - 08:26 am
0
0
the fact is ron paul stood on

the fact is ron paul stood on the stage at the debates and said we were broke, we couldnt afford our empire any longer and that our economy was going to collapse. he was sneered and made fun of by the so called "elite" and many of you on here. this bailout will only make the coming depression worse. you cannot borrow your way into prosperity. start stocking up on food and get out of debt all u can. we are screwed. this is just the start.
they will collapse this and on the other side will emerge full blown socialism. the welfare /warfare state has imploded. now obama and his ilk will get unlimited power thru the patriot act
to build another really great society...........

Bizarro
13
Points
Bizarro 10/02/08 - 09:39 am
0
0
Mgroothand are you saying

Mgroothand are you saying that Obama had planned this economic downturn for his rise to power-a conspiracy???? It surely is playing to him, although I don't understand why given his promises would kill the economy at present. LaTwon also sees how Obama wants the power which is evident in his voting for the recent FISA revision (which every Dem and even McCain voted against). Perhaps in ten years the Hitler analogy will be given to explain Obama's rise to power and his coup over democracy. All of Obama's empty promises, class warfare, and youthful appearance play to the masses. You can't deny he is a socialist, but my bet he will be revealed as a marxist socialist.

mgroothand
5
Points
mgroothand 10/02/08 - 09:46 am
0
0
No Bizarro, it is all just

No Bizarro, it is all just pure coincidence......

Bizarro
13
Points
Bizarro 10/02/08 - 10:23 am
0
0
What happened to Occam's

What happened to Occam's razor-hee,hee,hee.

jack
10
Points
jack 10/02/08 - 11:30 am
0
0
From what Rush was readng

From what Rush was readng from the bill yesterday, the Secretary of the Treasury would have all the power to manipulate the economy/money any way he or she chooses. I see this as making a government Frankenstein as we don't know who our next Presidents will be that appoint the Treasury Secretary. I guess NObama would name Raines or one of his other former F&F crooks to this positon. Scary thought and I called DiMint's office to oppose this, as well as Congressman Barrett. Both are true conservatives.

GACopperhead
6
Points
GACopperhead 10/02/08 - 11:39 am
0
0
HERE, HERE LaTWON!!! If I

HERE, HERE LaTWON!!! If I wasn't terrified Palin would be our President, I'd write in Ron Paul.

Ga Values
27
Points
Ga Values 10/02/08 - 03:53 pm
0
0
Republicant--this is what

Republicant--this is what moves the market

NEW YORK (AP) -- Pessimism about a protracted economic downturn washed over the financial markets Thursday, sending stocks plunging and further tightening the credit markets. News of declining factory orders and a seven-year high in jobless claims stoked fears that the government's financial rescue plan won't ward off a recession, and the Dow Jones industrials skidded nearly 350 points. Investors appeared to be pulling more money out of Wall Street and settling in for a prolonged economic winter. The main concern is that the $700 billion bailout plan won't be enough to stimulate growth, and the latest economic reports delivered Thursday show that the economy continues to struggle.

Back to Top

Top headlines

More Americans traveling this holiday season

You might want to get a head start to Grandma's house this year. It appears more Americans - 98.6 million - will be traveling this holiday season than ever.
Search Augusta jobs