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Why does the bailout have to be done *NOW*?
I keep hearing the urgency that this has to be done immediately. Now. This weekend.
Congress is supposed to go on recess, correct? That's the reason for the urgency?
Pardon my stupidity, but, if they haven't been able to hammer out a good deal and are still working on said deal--they don't HAVE to go on recess, do they? Can't they stay in Washington and keep working on it? Is it that bad for Congress to say in DC past the day a recess is supposed to start?
Now, if they want to get it done so the markets can react on Monday, I get that. But I keep hearing the "congress is supposed to go on recess" stuff and if that's the only reason to rush this thing through, well, that kind of bothers me.
Stay in DC until the job is finished. Hell, don't most Americans work well past the end of their work day to get stuff done when it needs to get done?
Re: Why does the bailout have to be done *NOW*?
Congress is supposed to go on recess, correct? That's the reason for the urgency?
I have not heard about a recess. They're supposed to be doing it this week to prevent any further meltdown.
I thought I had heard there was a recess coming soon, or maybe just everyone was planning on going home to campaign, so the session would be over in effect.
But I haven't heard either of these as a reason for the urgency (thankfully). I just keep hearing it's because if we don't act in the next 72 hours, the world is going to end (mostly this is from Jim Cramer, so take with requisite grain of salt).
I was discussing this with Mr.P this morning, the urgency feels weird to me too, I don't really get it. While the larger slowdown has definitely hit main street, the current crisis is squarely on Wall st. I understand a catastrophe of this magnitude on wall st will hit main st eventually, but I just don't understand how this could affect me personally. Mr.P brought up the idea of postponing homebuying because of the crisis - specifically in case we lost our jobs. I reminded him that in our specific situation our jobs are increadably secure (for jobs; of course nothing is ever guaranteed).
I'm not saying their isn't a crisis or the urgency isn't warranted, I just think it's really difficult for the average Joe and Josephine to understand the urgency.
I heard the recess thing mostly on network news...found this Reuters blog entry about it (they're asking for votes from readers...but it mentions the recess).
http://blogs.reuters.com/ask/2008/09/25/will-congress-pass-a-bailout-bill/
Again, like I said, I understand the urgency of maybe wanting something done by the time the markets open next week. But if it's just to get *something* done before recess and campaigning, I scrunch my nose up at it...
ETA: I scrunch my nose up at it because I want them to get the damn thing right, that's all. I just don't want them to pass SOMETHING so they can go back to their constituents and say, "see, we did something" and have that 'something' be wrong.
A target adjournment date of September 26 has been set for months, so yes, they are trying to get this done before going into recess.?
When people first threw out the word crisis last week or the week before (I forget) I totally thought they were exaggerating. It took until the end of last week before I was convinced this was in fact a crisis. If the financial industry of this country collapsed, the effects would be catastrophic.
That said, I will go off on someone if I find out they faked an urgency to get something done before a recess. I will ride the Unity Horse to washington to do it in person.
The urgency is to prevent future collapses and keep the economy going (if banks stop lending money-horrendous recession will occur. I heard today that the credit card market could be next (people have been using their homes to support their out of control lifestyle/debt and now those values are gone as are the HELOCs, so there is a sense of panic).
My semi-conspiracy theory is that this is urgent for it is close to the election and all those reps that are up for re-election need a good note to go back to their constituents with so as not to be thrown out on their asses (which many need to be).