Day: October 3, 2008

The Financial Crisis and Congress

I write within minutes after the House of Representatives has passed the Financial Rescue bill by a vote of 263-171,  following up on an earlier Senate passage on Wednesday by 74-25.  The passage of this most important piece of legislation in this Congressional session is a tremendous relief, but one is sobered by the reality that we are still likely to have the worst economic downturn in America in the lifetime of more than 90 percent of the people of this nation. 

There will be plenty of time and future research which will reveal who the real culprits are in this mess.  Certainly, those who promoted the false prophet of deregulation demonstrated once again the dangers of believing that government IS the problem, when it is lack of social responsibility and selfishness and greed that have led to this degrading situation where many state and local governments will be in crisis with the present lack of credit; where many small businesses will be unable to buy inventory and conduct normal business and will likely lay off many of their dedicated workers; where many senior citizens and those close to retirement will be unable to have a stable existence because of fear or the reality of lost assets; where many students will have to delay or give up higher education because of the dearth of loans that will be available; where the number of homeless and destitute will grow by leaps and bounds; where many people have already and many in the future will lose their homes and jobs!  What a disgrace that a small elite can be so self centered that there is no care about what happens to the many as long as some get golden parachutes and sail off into the sunset without a conscience!

The age of conservatism and deregulation and hatred of national government is very likely now to be succeeded by a new commitment to effective national government which will come to the rescue of the evils that unregulated capitalism has brought upon us.  It has long been necessary to return to the concept of a NEW DEAL and GREAT SOCIETY, and every indication is that this economic crisis is moving us toward that ultimate conclusion this November 4.  A new age of progressivism and liberalism in waiting in the wings!

Let me particularly congratulate the United States Senate, the legislative body that has often come to the rescue when reactionary  elements in the House of Representatives have created irresponsibility and chaos and undermined our country.  I have long been a fan of the Senate, am the author of a book on the Senate, and I therefore salute that body as the greatest legislative body in the world.  The future Senate fortunately should be even better and more productive with the likelihood of a major gain in seats by the Democrats this November.  In the midst of turmoil and trial and tribulation, there are some bright sun rays shining through that indicate we will see a turn of the tide this November 4 and have a new start on dealing with the future of America in a positive way!