Cynical Synapse

Fri, 03 Oct 2008

Why Did the Dow Fall More With the Bailout?

Filed under: Behavior, Business, Detroit, Economy, Michigan, Politics, Rants — cynicalsynapse @ 9:54 pm

By now, I’m sure you’re aware the House failed to represent the people. Instead, they supported corporate welfare and Bush quickly signed the bailout bill into law. I guess they should have passed it Monday—$700 billion is cheaper than the $700 billion plus all the earmarks and pork the Senate added.

Dow dropped despite passing of Wall Street bailout bill.

Dow dropped despite passing of Wall Street bailout bill.

I urge you to look at your representatives to see what’s changed. Michigan representatives voted no 9-6 on Monday. By Friday, that changed to 9-6 in favor. Six representatives stood their ground and three sold out to big business, leaving average Michigan citizens in the dust. Never mind that Michigan has the highest unemployment in the nation. Never mind that Michigan had the third highest foreclosure rate in 2007.

So, who sold us out? Not my representative. Sander Levin (D) voted in favor Monday and today. Sander Levin lost my vote today. I tend to identify Republican, although I believe there is little differentiation between the parties today. I’m so disenchanted with them I voted Communist one year. Where’s Ross Perot? But I digress. It’s probably not surprising that 2 of Michigan’s representatives that changed their votes between Monday and Friday are Republicans. What do you suppose are the differences in the bill between Monday and Friday? All those earmarks. I’m just not seeing which ones directly benefit Michigan! Last time I checked, Michigan wasn’t big in the arrow, rum, and racetrack industries.

Well, I’m not too surprised Pete Hoekstra (R) changed his vote. He represents the conservative “west coast” area of Holland-Grand Haven. And Joe Knollenberg’s (R) defection shouldn’t be a big surprise, either. He represents the affluent suburbs in Oakland County, which is the 26th highest income county by personal per capita income. These are folks that don’t see things the same as the rest of us.

Here’s what I don’t get. The third defector is Rep. Carolyn Cheeks Kilpatricak, infamous mother of Detroit’s only felonious mayor. She narrowly won the primary. She must be counting on her constituents to vote Democratic or along racial lines since her Republican opponent is white. I sure hope the residents of Detroit see through her and realize she’s trying to play both sides. With all of her son Kwame’s scandels, can you really believe the apple falls that far from the tree?

Everyone blamed Monday’s stock market fall on Congress not passing the bailout. I guess today’s even bigger drop must be the result of the bill they did pass being even worse than the one the said no to. If I was a conspiracy theorist, or a paranoid, I’d suspect Monday’s no vote was part of plan to plus up the benefits for business—a clandestine continuation of the war on the middle class.


1 Comment

  1. And it is down big time so far today.

    My disgust with our so called leaders is at an all time high.

    Comment by Jim Rongstad — Mon, 06 Oct 2008 @ 1:05 pm

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