In my post about the financial crisis earlier this week, I explained the rationales both for and against the so-called "bailout bill."
With some of the important indicators getting seriously scary
, it was becoming increasingly important that something be done to keep money flowing, but this bill isn't it. Who would have thought that after the House rejected the bill earlier this week, that they would come back and approve something much worse. Rather than address the fundamental problems of the bill (and, well, the economy), what Congress did was stuff the bill full of pork
, adding in every little personal favor to local industries they could dig up. Basically, all of the politicians added in little "gifts" to local industries, as a way of calming public dissent against the bill. And, of course, apparently that was all it took to get the House to approve the bill
. Now they can go back home and say that they fought to "protect" their local constituents in the bill, when all they really did was put some pork in to bribe them.
While there's still a chance that this plan works out -- and, at this point, it's entirely
based on who will control the fund -- the bill has done little, if anything to actually address the real issues that created this economic mess, and uses a sledge hammer where a scalpel would have made more sense. If it ends up succeeding, it will be in spite of the bill, rather than because of it.