There was a lot of news and commentary this weekend after Bush’s Bailout was passed and Sarah Palin demonstrated just how unknowledgable she is about important domestic and foreign policies. The economy has been bad for average Americans for years and this election is critical. So I’m going to stay on top of both issues by pointing to aspects of news and commentary I found. I’ll update this post throughout the day due to the volume of material I want to cover.
1. Democratic Rep. Mark Udall and Republican Bob Schaffer were profiled in the Rocky Mountain News. Here’s a short bio on both: Rep. Udall has spent a good portion of his career trying to improve our energy policies – in Colorado first, and then nationally. There is a long road to walk until we have a renewable energy-based society, which is needed for a healthy climate and national securtiy. Mark Udall will make a decent Senator (note I didn’t say good or great. I have real problems with his centrist approach in general and his recent vote to retroactively immunize telecom corporations who illegally wiretapped domestic traffic). Bob Schaffer used to be a Jack Abramoff yes-man. His actions tell us he is in favor of forced abortions, sweatshops and fossil fuels. His past is well-paved with corruption and Colorado can’t afford to have a 20th century fringe CONservative blocking work to move forward in the 111th Congress.
2. Bush admitted on Friday as he signed his Bailout that the legislation is just “the beginning”. Really? The beginning of what, exactly? The beginning of more taxpayers Bailouts of immoral corporate gambling? Overall, Americans recognized this Bailout is just that. There is no part of the legislation that addresses the actual problems in the economy. No homeowner assitance. No path towards more jobs. No increase in income. The Bush administration will not prosecute the fools that set up this economic collapse. The bottom line: trickle-down (voodoo) economics does not work. Dumping larger sums of money at the top will not make any more fall to the bottom.
3. The Bailout passed because of the tax breaks attached to it. There are many reasons why that fact is odious, but I’ll focus on one for now: all of them already exist. That’s correct: the tax breaks were merely extensions! Entities like the Denver Post, in fact, spent more time opining about the tax breaks than they did about the underlying Bailout. The Senate hadn’t extended any of the tax breaks all year, but managed to stick it on the Bailout so it would pass. Oh, the corporate media also hasn’t reported the reason those extensions hadn’t passed all year: a CONservative Senator from Oklahoma issued a record number of filibuster threats this Congress. One person alone managed to hold up about 100 necessary bills. All so the CONS could run ads saying Congress didn’t do anything all year. CONS put all their focus on elections and none of their focus on governing.