Pork Barrel Senate Bailout / Cover-up Bill Did Not Save the World

It is legislation like this that forced me to name this site Ignorance or Apathy, either they think we don't know what they are up to or they think we don't care.
I thought the Senate bailout / cover-up bill was supposed to stop the sky from falling. I was told that we needed this or the world would end. Liberal Democratic congressman Chet Edwards 17th congressional dist. of Texas has been on the radio the past two days explaining his yes vote in the house on Monday. He is preaching just like the rest that the sky is falling and he had to vote yes or the financial world would end (paraphrase of course).

I can easily explain the 777 point drop in the Dow on Monday and the 400 point rise on Tuesday. Buy the rumor sell the news. It is a very old Wall Street stock market adage that holds true. Speculators bought on the rumor that this mess would pass, when the news was that the bill did not pass, they sold. On Tuesday speculators simply moved on, put the money elsewhere and the markets recovered. Now on Thursday we have an approximately a 300 point drop in the Dow as of 3 P.M. Eastern. This after the Senate bill passed last night. We were told this Pork Package was going to save us.

Even the MSM can not get away from the wrongness of this.
CNBC’s website ran a piece today If the Financial Bailout Plan is Needed, What’s Best?
In that article Dan Mitchell of the Cato Institute and Jim Rodgers of Rogers Holdings Inc. advise a hands off, free market approach. Dan Mitchell advises that if the choice is this bill or nothing then do nothing. Others are quoted as disagreeing but it is the MSM so what do you expect.

The Government doing nothing is not only the best option, but the only actually Constitutionally provided option. I have been driving this point for years.
There are some regulatory issues the Congress can take up like repealing Sarbanes-Oxley before it strangles us all and the S.E.C. can suspend mark-to-market rules.
Side note about mark-to-market and the dis-info babe I saw on Fox Business News yesterday. She (and do not recall her name) said we don’t need Wall Street guys inventing the values of these securities. Here is a piece of very old logic and business sense my grandmother gave me. Nothing is worth anything except what someone is willing to pay you for it. Let the market decide what the mortgage backed securities are worth.

Back to the point of the Un-Constitutional behavior of Congress. Senator Tom Coburn of Oklahoma has just became my new hero. Here is the link to the speech he gave on the floor of the Senate comparing this bill to a patient with pneumonia caused by a cancer and we are going to treat the pneumonia and leave the cancer. The cancer is this unconstitutional behavior by Congress. See the video of the Senators remarks

One last thought, Sen. Chris Dodd was praised last night for his hard work and effort on this pork pie bill in the Senate. Well I guess he would have some suggestions, he seems to appear to be at the heart of causing the problems to start with.

Just my opinion. Reason it out for yourself and then remember it on Election Day.

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