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The Fallout Begins

Many thanks to Laura for covering the cliff dive of the markets while I couldn’t. I’m back now, and it’s fair to say the reactions to the House’s failure to

Jul 31, 2020
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Many thanks to Laura for covering the cliff diveof the markets while I couldn’t. I’m back now, and it’s fair to say the reactions to the House’s failure to pass the $700 billion Wall Street bailout bill today go beyond mere shock or surprise.
Here’s my favorite so far, from Atlanta blogger Megan McArdle, usually no fan of government intervention:
I didn’t think it was possible to be more disgusted with politicians than I usually am, but I find it impossible to express the seething contempt that I feel at this kind of opportunism. I don’t mind when they screw with the normal operation of the economy for venal personal gain. But risking a recession in order to get a cut in the capital gains tax? Letting it tank because you can always blame it on the Republicans?
I am grimly reminded of H.L. Mencken’s famous observation that democracy is the theory that the common people know what they want, and deserve to get it good and hard.
The public doesn’t quite grasp what’s at stake, but the representatives do. The true believers–well, I forgive them their zealotry, and hope that they’re right and I’m wrong. But anyone who tanks a bank bailout they think might be needed in order to get a cut in the capital gains tax, deserves to be tried for treason.
Well.
Send me your reactions, and I’ll post the best of them.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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