The failure of the "Bush bailout bill"is a worrying insight into the real motivation of political decision-making; its all about feelings and very little to do with rational reflection. The Republicans didn't vote for the bill for three reason.
First, despite him being their fellow party member, they struggle to trust anything George Bush says, perhaps because they know him better than the rest of us.
Second, they feared what they saw as a backlash of voters who thoughts they would never see any of the money and those who had caused the problem (the big bankers), would. Despite the clear need for a long term response, they took a short term view.
Third and perhaps most importantly, at a moment when the kind of action needed, in this case major state intervention into the markets, would bring about systemic change required, the very reason for that need for change stopped it happening. Radical action to bring change requires confidence and clarity of vision, both of which were in short supply in the White House and the associated legislators, thus at a moment when boldness was demanded they returned to type and took no risks of change.
We are up to our necks in the smelly stuff here and standing still in the hope that something will happen is not a strategy that will take away the smell nor let us all breath more easily. The failure of the American political ,leadership to deliver not just support but change exposes them for what they are, self interested and unwilling to take a lead where helping others is the driving force. As a consequence many will suffer and no-one will come out with credit, nor will we see the change that might mean we will not be here again in 10 years as the laws of capitalism, (that the many must suffer so the few can be rich) live up to their billing as being too fundamentally flawed in delivering what humanity really needs to blossom as a species.
Keith Simpson's Christmas Reading List
16 hours ago