This bill failed because the American People were calling their representatives at least 99-1 against this bailout.
And it’s simply because they don’t quite understand this. Neither the problem, nor the proposed solutions.
And it’s not surprising. I watch CNBC all day, read the Economist every week, and I still don’t understand all of it.
It’s not the public’s fault.
Wall Street has been feeding them a string of lies for years now, and so has DC. It is a classic Chicken Little situation.
They’ve been saying for weeks that if we don’t act tomorrow, the Universe will implode.
But it hasn’t.
If it was so important, the Democrats should’ve passed this bill by themselves.
But they didn’t.
If it was so urgent, they could’ve worked over the Jewish Holiday.
But they couldn’t.
So it’s not crazy that the American People aren’t quite grasping the import, here.
Despite the distrust of DC, the individual, respective representatives could be of help explaining this.
Because, of course, everyone hates every politician… except for their politician.
But it seems they’re too busy insulting each other.
It is undeniable that McCain and Obama missed a chance to win this election when they refused, for some reason, to even half-heartedly address this issue in the debates. They could’ve explained at least a bit of it. They could’ve at least imparted a sense of urgency.
But it seems they were too busy not losing the debate.
You know, it’s not the political ineptitude that’s so surprising here. It’s how long it continues to go on.