Have you heard the joke about the guy that was overdrawn at the bank by some $29,000 dollars? He called the president of the bank to ask for a $30,000 loan. The president said to him, “How can you ask for a loan when you’re so badly overdrawn?” The guy said, “What difference does a few more grand make? Besides I’m borrowing the money to pay my overdraft.”
Well it appears that’s exactly what happened in the U.S. Senate, only this time, instead of balking at the loan request, senators said $700 billion isn’t enough to get a passing vote, so they sweetened the deal with a hundred billion more dollars worth of stuff expected to satisfy every one with an objection — there’s something for everyone, they say— so can we now bailout the Wall Street biggies?
After all, what’s the harm of putting Americans’ futures in debt a few more billion?
Actually it’s surprising that the Senate didn’t cave into public opinion running heavily against the bailout, but considering the doom and gloom being preached by the Bush Administration and congressional leaders, and the Wall Street financial institutions, it seems they felt they had no choice but to move ahead with a rescue plan.
We venture to predict that the House will eventually go along, perhaps as early as tomorrow. After all, in this country what ever Wall Street wants, Wall Street gets.
Hold on to your hats, the bumpy ride is far from over.