The 2008 Financial Meltdown, a Primer

Confused about the 2008 financial meltdown? Conor Friedersdorf of Culture 11 has a run down on the bailout legislation, why so many members of Congress were against it, and what the big plunge in the stock market meant. For example:

2) Why did its Congressional critics -- especially House Republicans -- vote against it?

Daniel Larison dissents from the conventional wisdom:

"The failure of politics that culminated in the defeat of the bill was the failure of the proponents of the legislation to make an argument that did not rely very heavily on prophecies of disaster.

There was no real attempt at persuasion, and the haste in which everything was done generated far more intense opposition than was necessary. The supporters of the bill wanted to ram it through with as little deliberation and scrutiny as possible. On any other issue, on any other bill, this would be seen as outrageous and you would hear about the wisdom of having a lower chamber that was more responsive to the people.

Now opposition to this hasty adoption of a bad plan is derided as irresponsible? Let me break it down for you: if things are indeed as bad as the proponents say, and if they are the responsible, sober voices of wisdom that they pretend to be, the truly irresponsible thing was to wait up until the last weeks before the recess, rush out a terrible plan, demand immediate adoption of this terrible plan (which they were happy to admit in public was a terrible plan) and then not even correctly gauge the level of support for the legislation before bringing it to a vote."

http://www.culture11.com/node/32500?from=feature


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SoftwareSamurai,

It's amazing how brain-washed you are about this amazingly fake American society!

Election, you say?

That's how you put W into office, isn't it, that perfect election system of America? HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

Pathetic, brain-washed, weak, subdued litter of a creature that you are. Your trash along with the rest of America who are happy to sit there and do nothing cos they're scared.
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Dave Ramsey for President/Suze Orman for Vice President!! Seriously, George Bush and his dumb ass administration IS to blame for this mess. As Truman said, "The buck stop here!" A good president stays on top of this crap before it all hits the fan. It was just a matter of time.
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SD don't waist you're breath, some people just don't listen or understand.

@ SoftwareSamurai
I think you should be careful with what you say, your ignorance is showing.

"Any form of socialism weakens a society who’s cornerstones are freedom and liberty", really? It seems you have fallen into the either/or, with/against mindset that so often hampers progress in this nation. Obviously pure socialism or a form of government close to pure socialism would be a threat to it's people and liberty. But the same can be said about Capitalism. To much deregulation of the market is asking for trouble, and thus the situation that faces us now (thank you, bush administration). Look at all the "leaders" in capitol hill. They're all somehow connected to big business, some of which (not so coincidentaly) are military contractors. Bush and his failed administration is a treason to this country, having sold the freedom of the American people to business.

I too, believe that in order to achieve a better form of government, we need to apply strict rules to Economic practice. If you call this socialization, then so be it. As a matter of fact, what does it matter what a government is called so long that it works for its people and the promotion of liberty (for the people, not business)

As far as the bail out is concerned, i say give the money directly to the poor and middle class, not big banks and other companies that caused it all.

In the wise words of Marx "Capitalism plants the seeds to it's own destruction"...
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To Bad Dave Ramsey doesn't have the power to get his plan thru the government. That's a sensible approach to the problem. Only thing i think that should have a little adjustment is only temporarily remove the capital gains tax. Say for 5 years. Then reinstate it.
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