Since then lawmakers have been scrambling to revise the bailout bill but is it too little and too late? A majority of the population is already upset with the political leadership, with the approval rating of congress at 17% and the Presidential approval rating at 28%.
What is congress going to do? They all want to leave town to work on their campaigns with 34 days before the election. But, the administration and the congressional leadership are still trying to push another bailout bill before the stock market continues to sink.
I think the time to pass the bill is over. The people have spoken. Nobody wants the bailout. Yet, the political and economic leadership have a responsibility to stabilize the financial markets. This is a political disaster waiting to happen, because no matter what they do the economy is likely to sink, taking their careers with it.
Even if they modify the bill and get something to pass, they still will not get enough support from the voters who are already upset that they led the economy into this mess in the first place. The failure of this bailout bill will surely mark a historically moment as the beginning of the end for many political careers.
The political leadership walked into a trap. With or without the bailout, they are in deep water. Not only are we on the verge of an economic disaster, but we are also on the verge of a political disaster.
Just when we think we are in the middle of the worst economy crisis since the Great Depression, the political fallout could further devastate the nation as many of our veteran leaders are thrown out of office because of their failure to manage the economy.
Ron Paul may be the only Senator to keep his job. On the eve of the congressional vote on the largest bailout in the history of the nation, Sen. Ron Paul spoke out against the bailout.
Here is what Sen. Ron Paul had to say about the proposed bailout.
In a previous article I wrote about how a new global financial system could be quickened if the dollar suffers from a sharp loss in value, and now Sen. Ron Paul is suggesting that the bailout will do just that. Sen. Ron Paul will go down in history as one of the only Senators that got the economy right, while almost the entire congress and the administration ignored the repeated warnings for decades.
Despite the need to hold our political leadership responsible, the approaching political fallout is not going to be good for America. In a time of great need throughout the world, the lack are senior political leadership could leave our nation weak and vulnerable to a very dangerous world.
In the last 200 years, during times of great distress, the world has turned to America for leadership. But, this time just may be different. If the entire world looses faith in America’s leadership – including Americans - they will turn to Europe or Asia or somewhere else to find the leadership the world needs to guide us through the global economic downturn. And that could lead to an even bigger disaster then if we continued to trust our own leaders.