House votes down markets
How did we get to this point, at which the impact of a vote in the United States House of Representatives is related directly to what is happening in the stock market?
From the AP: “In the House chamber, as a digital screen recorded a cascade of ‘no’ votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling stocks. ‘Six hundred points!’ he yelled, jabbing his thumb downward.”
Unbelievable. Somehow our government has become so ingrained with business that its votes make stocks go up and down. Politicians, who should be protecting the private sector from government intervention, instead apparently see it as their job to move the markets with their legislative maneuvers. Think about it. A United States Representative is standing up in the House, blaming his counterparts for a decline in the Dow Jones. Our leaders should not have this kind of power. The only way to remove it is to deregulate, get government out of business.
The parties are now slinging blame on one another for the bailout bill’s failure. What’s worrisome is that Pelosi’s partisan rant is being cited as a reason many Republicans voted ‘no.’ Let’s hope that’s not the reason. Let’s hope that they voted this way as a ‘no’ to socialism and corporate welfare, and not simply as a ‘no’ against Pelosi. Sure, her bilge was misinformed and unnecessary. But I would like to think our leaders’ principles extend beyond politics.