What a week this has been. After finding out that our economy was about to go into turmoil, Pres. George W. Bush developed a plan that would put $700 billion on the table to be used in the emergency – – to be paid back later, of course, which did not fit the description of a “bailout” as it was called. But anyhow, that word caused its demise and we were back to part one.
We had thought House Speaker Nancy Pelosi was a nice lady but she got kind of rough in blaming the President and Republicans for the problems. Some say that destroyed the bi-partisanship that was supposed to lead to the solution of the crisis.
Anyhow, that solution is still out of sight and some say it should stay there. Let Wall Street solve its own problems without taxpayer help.
When Congress entered the picture and amended the plan, voters apparently called their congressmen and senators and voiced their opposition to “bailing out” Wall Street.
Now as we wait for part two in this economic drama, we’re still not sure what will happen if nothing is done. The two congressmen who represent parts of St. Charles Parish took opposite sides on the issue. Charles Melancon voted for the plan, saying it wasn’t worth the gamble to see which side was right. Steve Scalise claimed they should pursue a market-based approach that does not put taxpayer money at risk.
The President and Congress supposedly are working on amending the plan to make it more acceptable to the people. They expect to bring it up again this week. So keep your TV buttons and laptops close at hand.
Meanwhile, the two main Presidential candidates are in a dither as to how to react to this. One thing is for certain – – the people are getting fed up with the way the feds react to emergencies.
After showing how ineffective they can be during hurricanes that pass by, can we trust them with solving a major economic crisis?