Saved (Momentarily) by Incompetence

In failing to pass the bail-out/give-away to Wall Street, the House of Representative stumbled, at least momentarily, into carrying out the will of the people. This failure is most noteworthy, not for its effect on the economy, but for its stunning defeat in an era when the final votes are a foregone conclusion.

Cowed by fear of voters so close to the election, the House members voted in whatever way would benefit them back in the home district. A few dogmatic sorts on both sides, for completely different reasons, banded together with those afraid of their constituents, and the "Peevish 12," who apparently changed their votes at the last minute because their feelings were hurt. This group formed the nucleus of those who voted "no." For the time being we are saved.

One might reasonably argue with analysis that suggests the failure of the give-away is a necessarily good and saves us. However, what seems inarguable is that the bill failed not because our representatives did not desire to turn over $700 billion to $1trillion to the greedy, incompetent miscreants that caused this alleged crisis, it is that they were unable to do it in a way that satisfied their own needs.

But do not rest easy. Those who are bent to steal all of the common wealth of the nation have only a little while longer to pillage before the worst administration in history is out of office. The politicians in Congress, the worst that money can buy, will now be called onto the rug for their attempted display of independence. A bill will eventually be passed and you can be assured that the details will show who really pulls our leaders strings.

We cannot expect the momentary display of incompetence to save us forever. Usually the incompetence of politicians works against us (e.g. the failure of the Democrats to defeat the Republicans in every election they have blown over the years). Soon the incompetent will rise to their usual level.

Certainly the Democrats are trying. What possesses this bunch of spineless, weak-willed, alleged liberals, that keeps them toadying up to, and voting for the policies of the Bush Administration? If the Democrats had any competence as a party at all they would refuse to go along with anything proposed by the Bush Administration.

The Bush Administration, wrong on almost everything; Iraq, Afghanistan, Katrina, Patriot Act, energy policy, human rights, etc., suddenly is about to be given a blank check. If the Democrats have any ability to see past trying to blow another election or have any concern for the people they claim to represent, they will refuse to accept this bail-out/give-away. If they truly want to lead this country and represent the people they should demand equity ownership of any corporation participating in this action. Further, any money that goes out should be loaned, with interest. We're talking about bankers, they should understand interest. Finally, if the government is going to get into the banking business it should at least be smart about it. Rather than overpaying for assets, the government, as the representative of "We the People," should dictate terms just like good capitalist bankers do, and pay pennies on the dollar for these assets. That's the way the free market would operate if the situations were reversed. To do otherwise is to allow theft from the public.

Time, for once, to be saved by competence. What of the odds of that? I don't know. Let's bet $700 billion.