Do We Dock with the Titanic or Do We Hit the Iceberg?

The case for the Financial Rescue Plan:Emergency Economic Stabilization Act of 2008 : H.R. 1424

In 1929 under a Republican Congress and a Republican President, we hit the Iceberg of The Great Depression. This was then a purely ideological vote that the market would prevail and right itself. Well, it took our greatest president Franklin Delano Roosevelt and World War II before America would prevail. We had almost two decades full of tragedy and suffering.

This bill was not the perfect bill, but I heard enough about The Great Depression without having to live it to know the iceberg was in the water and I wanted to arrive safely and dock with the ship of state. I did not like the bill. We needed a better one, but we needed to enable business to have access to credit.This bill has too much pork and unrelated spending that I am not sure would be good for the economy, but we needed some legislation.

I would have liked the major banks to have less power to squeeze credit and have more competition in the lending market for small business. I am worried we may be back here in the near future without that. I have heard even Wal-Mart was feeling a credit squeeze and that means job loss and we don't need a full blown Depression, ever again. I think mortgages do need work out plans and the banks devalued their own assets by not stabilizing home prices.

Let's keep The Grapes of Wrath as an old black and white Henry Fonda movie with its Hoovervilles, tent cities, and squirrel stew. Let's keep the American Dream alive, we don't need our greatest nightmare ever again.


Tom

Emergency Economic Stabilization Act of 2008 : H.R. 1424
http://www.govtrack.us/congress/bill.xpd?bill=h110-1424