Why the Dems Want the Economy to Fail

I won't belabor the point about Wall Street face-planting after the US Congress fails to do anything about the 2008 banking and economic crisis. But take note of this:

Surprise! This is an election year. The Democrats are holding nothing back in order to win the presidency. They have no doubt seen the polls indicating that democrat Barack Obama's poll numbers have increased precipitously since the start of the crisis. Given that Obama's numbers have shot up in inverse proportion to the Dow Jones Industrial Average going down, why would the Democrats want to end the crisis?

The US stock market lost 777 points yesterday, translating to 1.1 TRILLION dollars of lost value. That's about 1.5 times the cost of the $700 billion rescue. If you think that doesn't affect you, have a look at your retirement portfolio; if you have a 401K, you lost a lot of money. Common sense would tell anyone with the slightest twinge of statesmanship that the crisis must be ended. But in an election year, all bets are off.

What other reason can be offered for Rep. Nancy Pelosi to go on a name-calling spree, including saying that against her Republican opponents were "unpatriotic," right before a critical vote on the measure? Common sense would say that action would cause the vote to fail. Ironically, she was in the midst of a speech congratulating the House of Reps on it's "bipartisan" efforts, when she went off-message and condemned Pres. George Bush and Republicans for causing the crisis in the first place (not true; they all caused it, as far back as 1999).

Barney Frank, head of the banking committee, did much the same, but he couldn't even corral all of his dem party members in the committee to vote for the measure; 12 democrats on the banking committee voted against the bill. Had they voted yes, the bill would have passed.

The longer this crisis lasts, the more stock value is lost, the harder it is for credit to be issued, and the greater the risk of an outright depression. The US monetary system is locked up, and all the democratic leadership in congress can do is call names. Positively incredible.

What will the dems do to win an election? I think it's time that all of them - both parties - are given their walking papers. Vote out all incumbents. It's the patriotic thing. Will you hold my place in the breadline while I go vote?


ABC News: Stocks Have Miserable Day After House Vote:

"The day started with silence -- the iconic opening bell of the New York Stock Exchange failed to sound -- and things just got worse from there, ending in the single biggest one-day point loss in history.
Congress votes down economic relief package prompting investors to sell.

The Dow Jones industrial average lost 777.68 to close at 10,365.45. The previous biggest point drop came on Sept. 17, 2001, the first day the market reopened after the 9/11 terrorist attacks.

A jittery stock market spent all morning in negative territory as investors worried about the $700 billion bailout package before Congress today. By 1:40 p.m. it became clear that the House was not going to pass the bill, and stocks went into a freefall; the Dow fell 400 points in 10 minutes before eventually dropping 700 points below Friday's close.

The Nasdaq and S&P 500 also posted massive losses, down 9.1 percent and 8.8 percent respectively."