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..There's a little Samuel Pepys in all of us..

Wednesday, October 01, 2008

It's being called 'a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan,'..
Yup. It would have been far more of a surprise had the Senate not slated a vote on the measure for Wednesday..
There is though, the expected final concession from George, in the form of an added tax cut plan... mind you that's already been rejected by the House..
The move to add a tax legislation — including a set of popular business tax breaks — risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.
But by also adding legislation to prevent more than 20 million middle-class taxpayers from eating the alternative minimum tax, the step could build momentum for the bailout from House Republicans. The presidential candidates John.. and Barack intend to fly to Washington for the votes, as does Joe Biden.. the Democratic vice presidential candidate.
One would think this plan.. will be passed..
Without it, frankly, the US won't have a 'Main Street'.. let alone a viable 'Wall Street'.. to protect anymore..
It's a 60 percent majority needed in Congress for this Bill to pass.. It would be difficult for the House to reject the measures twice..
It would be a move that will drop the US in terms of global economic clout for quite a few years.. one which will demand a re-thinking of the American image of the 'world police'.. and the most charitable nation on earth.. one which require the American man on the street to re-think the definition of the 'American Dream'..
But without it, the US will lead us all, kicking and bemoaning.. into economic chaos.
The time has come for all free economic systems to bite the bullet.
There may well come again a time when we can once again do something to alleviate the suffering endemic in the underdeveloped countries.. and when we will be able to afford the luxury of interfering in repressive foreign regimes..
But, it's a responsibility which must be born by the individual.. through private donations. Not a responsibility of the government for the now.. We can't afford it.
Even Punjab Finance Minister Manpreet Badal, in his small corner of the world, in a country who's economy is growing at an impressive rate.. has set forth economic plans for his region which are stringently parochial..
We could take a lesson.
We're working on plans to shut a barn door, after the horses have bolted..
It's encouraging to see at least one politician in a developing nation.. bringing up the learning curve..

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