Where do we go from here?

I had been working on a post yesterday about a recent op-ed piece by Thomas Friedman, titled "Green the Bailout" -- A little ditty that encouraged our government to look beyond the bailout and work toward a Green buildup.  The idea is that plenty of countries do fossil fuel extraction and gasoline fueled autos better than we do. So why don't we switch our focus to the next step in energy -- green energy. If we can't be number one in the old way of powering the World, why not be number one in the new way? Why not replace lost blue collar jobs with what author Van Jones is calling "green collar" ones? It was going to kill.

Then the shit hit the fan and Congress gave into millions of Americans who can't bother to read a newspaper.

Whoops. Guilty as charged. I'm a print-journalism elitist. CNN and Fox News can kiss my ass.

The House of Representatives should be ashamed of themselves. Instead of taking the lead, getting out on the stump, bumping elbows with folks at potlucks and community centers and Wal-Marts all across America, convincing Americans that though this plan isn't perfect, it would help regular Janes and Joes as much as it would help the Big Bad Banks on Wall Street, they sat back and went with whichever way the wind blew. Good job, Leaders of the Free World. You may have just won re-election....but you're completely responsible for where we go from here.

Blah-Blah, Blah-Blah, Money

Bailout Proposal Gets Hung Up Over Central Issue: Will It Work? (WS Journal)

Yeah, it's a hellova lot of dough. Yeah, it's gonna fall onto you and me (but probably mostly guys like him and him) to pay for it. And yeah, there's the danger that the Treasury might pay too much for these nearly worthless mortgage-related securities; and there's the danger that they might not pay enough for them either, and in turn, fail to jump-start the ailing market. But it's getting harder and harder to borrow on credit. Right now, it's just the big guys who are stuck neither buying or lending. But here's what happens if that trend continues:

• Less credit for homeowners to buy new homes or refinance current mortgages.
  
• Further decline in home prices, as people find it harder and harder to buy a home or keep their current one.
  
• Less credit to buy new cars, borrow money to fix old ones, and hence, get to work.
  
• Less credit for businesses to buy materials and produce goods.
  
• Less economic activity all around.
  
• Slower job growth, as people can't get to work, are busy fighting for their homes, lose their jobs because their employers go under, or a scary combinations of all three.

From the Journal, an op-ed by Kenneth Lewis, one of those overpaid CEOs, who in spite of all that, can still expound coherently why this bailout is good for everyone:

"The proposed rescue legislation accomplishes one simple goal: It provides a buyer (the Treasury) for financial assets that cannot be priced today because the market for such assets has temporarily frozen up, enabling financial institutions to stabilize their balance sheets, regain confidence in the system and one another, and start lending again....In the meantime, consumers [that's people like you and me*] will see value as money starts to flow, home prices stabilize, and the economy avoids what could otherwise be a deep -- and preventable -- recession.

Overblown hype? Probably more than a little. But can we risk sitting on our hands and doing nothing, while we lose the means with which to make home loans, car loans, and business loans which make our jobs work and keep us working?

Mr. Economist, I agree with you. Congress should pass it. And soon.

*Added by me, not that it makes more/less sense with or without it.

Compromise and moderation are like lima beans....

On why the far Left (and the far Right, for that matter) doesn't understand how a representative democracy actually works:

Liberal Base Proves Trying to Democrats (NY Times)

“There is a tendency in American politics for the people who feel most passionately about an issue, particularly ones that focus on a single issue, to be unrealistic in what a democratic political system can deliver,” Mr. Frank said, “and that can be self-defeating.”

Permanent change is nearly always incremental. If the 2oth Century has taught us anything, it's that revolutions don't always have staying power. Instead, take an inch, take an inch, take an inch. Though the inches might be few and far between, pretty soon, you'll get to where you're going.

Maybe it's not perfect, but what would you rather have? Guillotines?