So, just as I wrote the blog entry before this one in the morning, the "bailout" was on it's way to failure. It's an interesting turn of events, because the Democrats and the Republicans who voted against the bailout did so for very different reasons. This creates one hell of a chasm between the two parties, who after all are "two wings of the same vulture." Well, the bill went down in flames, thanks in part to a few Democrats with some balls and a conscience, and a few totally crazy right wing Republicans who are so against socializing anything other than stock market losses that they actually voted against it. I know, sad state of affairs.
Let's put things in perspective here for a moment: When the UK's Bradford & Bingley (huge national bank) went down today, there was not any debate about whether or not the tax payers should "bail out" the banks. Instead, the debate was on whether or not these banks should be "nationalized". In other words, taken over and owned by the tax payers. A tragedy tuned into an opportunity to change the circumstances of the markets to benefit the people instead of stick them with the bill. Here's the story: http://www.guardian.co.uk/business/2008/sep/29/bradfordbingley.banking5
As of now, the stock market has had the largest point fall ever, and the overall global capitalist market establishment is beginning to freak out. The real test will be in what the respective governments do in response. What will we do?