A big theme of history is the rise and fall of power due to a sharp unawareness of the times, the people, and the future by those who claim to be in touch.
This theme applies to nations and individuals. This theme has inspired great, tragic literature for centuries. Even many Psalms express this theme.
This theme applies to the U. S. at a time when regular people with little visible power see what people with much visible power cannot see.
Today, the U. S. House of Representatives legislated almost One Trillion Dollars of Taxpayer money to "show the world" how we are dealing with financial crisis that affects others in the world. They did this in response to an urgent call from the Secretary of the Treasury, the President's man.
The Secretary and those in the House that voted "Yes" for the legislation cannot give any guarantee that the Bill will fix the giant problems and end the crisis. As I write, the Wall Street numbers are falling, not maintaining an early-day rise. These are shaky days.
In the U. S. House of Representatives, where today's vote in favor
of Bailout for Wall Street was passed, the bill was stated as a "vote
for Main Street."
What stood out to me as I watched the first news reports of the House vote was the self-congratulation of politicians, including the leadership of the House and the President. All leaders praised the hard work and the cooperation between the Legislative and Executive parts of our great government.
Yet, in all the kudos, smiles, and applause, the work the people have done this week was not mentioned. We heard how hard the President's people and the House's people have worked. This is a normal sub-theme of such tragic times, for we heard no mention of the work of people who suffered this week on the side-lines, having no power or voice except to e-mail or call their representatives. Many did call and e-mail and that is why at least almost a week was taken to reach a decision. A short time in which to make a $700 Billion obligation on Taxpayers' backs.
The pressure of the people was what threw caution into the stew. The people e-mailed and called to insist that they needed action, or did not trust the Bailout, or were skeptical that the right action would be taken.
This mission still involves a lot of risk. It is far too soon to cheer, yet the House leadership was cheering, with few exceptions. God bless those exceptions, those who courageously did not vote "Yes."
There is no cause for celebration today. Nothing real has yet been accomplished by the House. Only words on paper have been accomplished, but action has not been taken or measured to track its success or failure. No one knows yet if this recent of many bailouts will make a difference.
Meanwhile, it is business as usual for too many in the House. Some have even lied to us. There is credit "out there" now, before this solution. We got credit for a car this week--two days ago. We did not buy a car, but we got the credit and a big rebate offer. Our old leaky refrigerator could have gotten credit relief too, if we had decided to replace it now.
What happens when we, the people, do not pay attention? What happens when the People continue to allow Political Street not to "get it"?
That is part of the theme. Unfortunately, when people finally get it, it's usually horribly late. I have lived not from from Washington, DC, for four decades. I have seen it become more and more focused on raw power. I have seen the strutting men and women who are allowed to hold onto their elected seats in the U. S. Congress and Senate for decades.
I have heard people from various states tell of the sarcastic responses they have gotten from their senators or representatives. Not all members of the Congress are like that, but too many among them have no idea that when they took an oath that it really meant what it said, not what special interests have said.
This is a sad time, yet there could be relief. We'll see. Maybe this legislation will lead to a way out of this crisis, with return of the full amount to the taxpayers. I am heartened about the courage of those who refused to be badgered into voting for this legislation, for it has lots of pork lard in it. I am moved and thankful for those who sought, although unsuccessfully, to get a little more time to look at less risky alternative forms of Bailout.
We will see, and I hope what we see will be good. Meanwhile, I am saddened that even having gone through this crisis, many among the powerful who escaped the worst will not change. It is time for us, the people, to clear both sides of Congress, in many instances, and voluntarily to limit how many years in succession anyone may serve there.
On Wall Street, it was just said that the market has most liked....the Bailout? No, it has "most liked" the talk of Wells Fargo bank buying Wachovia bank. Wall Street has liked the market's work far more than the House's "work"!
Some who deal with Wall Street have been saying, "Let the market work this out. The market knows there's a crisis. It will respond!"
A sad day for the people, I think. I hope I'm wrong. I am not angry with individuals that voted for this legislation because in their heart of hearts they believed it was right for their country. I do feel frustrated at how Congress somehow has grown into an attitude of self-regulation that limits our ability, which we could only have under a referendum system.
I hope that even if the Bailout does not work well enough to make a big difference, the market will continue to work this out! Bottom line, I hope this reverses so that hard-working people and any people at risk can be relieved, and I hope more of us will use our one option, which is our vote.
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