Jan 22 2009
That Bittersweet Bailout Fund
The House has voted to reject President Obama’s request for the rest of the bailout fund, 270-155. Nevertheless, the Senate had decided last week not to block the release of the money. In this way, President Obama will still get his way, but knows it was not a decisive nod in his direction.
The critics of spending that bailout money are made up of both Democrats and Republicans. Public opinion is growing strong against so much spending. Obama has to be aware of this. What can he do? Some spending must be done, yet the spending done so far has not been done correctly. Nevertheless, workers will not be silent while big business gets so much help. That is why the House even bothered to vote, knowing it would not mean much.
“Why are we still voting on it?” House Financial Services Chairman Barney Frank asked. “Because there is a degree of anger in the American public at what they think is a very unfair system that gives benefits unduly and disproportionately to some of those who caused the problem, while denying health care and unemployment compensation and a decent higher education for working-class people.”
I feel really mixed on this. I hate bailouts - especially to bankers who already have such power over the economy anyways.
If we want to turn this economy around there needs to be spending by someone. Obama’s proposal is that this comes from the government - prop up the economy until American workers can take the load again and we start producing again. I just have a feeling this T.A.R.P. money could be better served in other places.