Watch closely Obama’s comments on the failed vote on the rescue today. Barack voted present again. He pontificates about how it never should have happened to begin with. He refused to say whether he is for or against it. McCain got burned and burned badly last week and Obama learned from that. He isn’t going to touch it. Democrats had the votes. They didn’t need a single Republican vote to pass the bill. If Obama had said let’s get this done, it would have been a done deal. He won’t take that risk. Too many Americans are against the bill.
Last week I wrote about my personal bailout on Tuesday. I bailed on the last of my equities which I’ve been doing since March. Joe Biden said I’m not being patriotic. You know what, I’m more patriotic than Obama. I took a position. My decision was based on zero confidence in Obama and Biden, Mc Cain and Palin. Even more so, Frank, Dodd, and Durbin. Pelosi is still number one.
Our economy is doomed. No one is going to come to the rescue. If you think somene will, stay invested, If not, run. It’s too far gone for the foreseeable future.
The bailout and the credit crisis and all that comes was not my motivation to bail. It’s the offshore energy bill that congress tried to pass last week. I wrote earlier last week about the tenets of that bill. Basically, it shows that the majority in congress are willing to let this country be destroyed. Regardless of this failed bailout and all the bailouts that follow, energy will destroy us. Or, lack of same.
This country and the modern world were built on fossil fuels. Fossil fuels will be needed for the next twenty years until some substitute is found. Without them our country will flounder. Eighty percent of the population gets that. We are not being heard and it is unlikely that we will until a new American Revolution occurs. One where our government is restructured and the majority are once again heard. Congress and the courts have messed with Democracy until it is broken. It just doesn’t work anymore. We elect people to do our bidding and they do what they want. We ask them to do a job and they work hard to enrich themselves. We ask them to do the right thing, and they ignore that for the party line or for some special interest. People who have the talent we need to get the job done don’t want to be in political office. We get the bottom of the barrel.
Last week I predicted the Dow would drop 700 points on Monday. I felt strongly the congress would not be capable of coming up with a bail out bill. Nancy Pelosi tossed a bomb on the floor blaming Bush and the Republicans for all the problems. This, despite the involvement of Durbin, Dodd, and Frank who were overseeing banking. Nancy stressed what Congress does these days, dodge responsibility and place blame.
With a broken system the big problems don’t get solved and never will. There is simply no leadership in Washington. There is no courage in Washington. There is very little integrity in Washington.
Corporations get broken. They have to reinvent themselves from time to time. Countries get broken. Look at the USSR. It’ s just our turn. We are broken and we may or may not get fixed for the better. It will be a while coming. There isn’t enough pain to generate sufficient outrage to fix it yet. But, it’s brewing. More so than it has in my lifetime. You can’t go anywhere today without hearing a passionate discussion of disgust with government. We hear it but they don’t. When they do, they try to throw us a red herring. Example, the offshore drilling ruse. They believe we are so dumbed down we don’t get it.
Want to see our future, go down to Texas and see what it’s like to live with lines again at retail gasoline stations and no power. Mark Kirk and Peter Roskam the Republican Congressmen from Illinois actually have a political ads that brag about them stopping the BP project to modernize the BP refinery in Whiting, Indiana. If people got it, I assure you that would not give them bragging rights. The project would have allowed that refinery to use Canadian crude instead of oil from the Gulf Coast. Oil that comes here from a pipeline that is full. Foreign oil from countries that hate us. So, when we lose that oil and Chicago is like Houston, full time, will old Mark and Peter be there saying I did this? Hell no, Mark and Peter will be asking for hearings with BP to see why they let this happen.
So the Democratic congress let the offshore ban expire without changing it. But, they were explicit that it will be in the purview of the next president to deal with making changes to the offshore laws. To me that says if Obama is elected, we will get the onerous Pelosi bill and if McCain is elected and the Democrats control congress, we get nothing.
So the Congress voted down the rescue bill. Obama’s response once again–we shouldn’t have gotten here in the first place. Isn’t that like voting present? He has never said whether he is for or against rescue. Now, that’s leadership.
You see, there is no accountability in Washington. Without accountability there is no results. We have delegated responsibility without accountability. Won’t work, never has.
So, that’s why I bailed.
