These are two different kinds of impact. Given the current mess, some hit to the economy is inevitable - investments are misallocated, and they have to be reallocated and readjusted. The question is do we take the pill now and start working out of the mess, or do we ignore the situation, inflate the debts further and be forced to take much bigger pill a bit later.
I don't think they intend to ignore the situation. On the contrary, if they did vote in anything Paulson&Pelosi hastily concocted w/o regard for their constituents'opinion, I would say -they just want to sweep it under the carpet, delige is after us, etc etc. They can't ignore the situation now; the market is crushing - and those voters with money in the bank, any bank (and that's about 85% of population) wouldn't let them.
I think danger is not ignoring - danger is trying to fix it by printing more money, and that's what Paulson tries to do, and Dems happy to oblige provided they can get their cut - fit in some political play like CEO pay limits for all the industry or ACORN funding or crap like this. So now it would be interesting what would be the next proposal after the original "give us money now, ask questions later" didn't work.
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They can't ignore the situation now; the market is crushing - and those voters with money in the bank, any bank (and that's about 85% of population) wouldn't let them.
Interesting times.
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So now it would be interesting what would be the next proposal after the original "give us money now, ask questions later" didn't work.
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