In my previous post, Fareed Zakaria and Wen Jiabao talked about the financial crisis and the fact that China holds so much of US Treasury Bills, and Wen’s belief that the United States is a credible country, and that this crisis could have global impact and major countries should work together. That’s all good, fine and dandy.
With this 700 billion dollars bailout plan, however, my personal opinion is that the American public and other major world economic players like China, Japan, the UK, Germany, and such, should know more before deciding to go along with it. I am glad that the first version was rejected at the House of Representatives. And if I could cast a vote, the second version should be rejected also, because I don’t think I have a good understanding of all the important details.
I am not saying that the situation is not serious and we should not do anything, but I believe we have been hoodwinked too many times by the fear-mongering tactics in the last eight years to give Bush, Cheney, and the people they are in bed with another easy pass. I certainly don’t want them to screw us up badly, with repercussions for decades to come, one more time before they go out of office in January. Yes, something needs to be done, and fairly quickly, but it needs to be done in a transparent manner, explaining pros and cons so people understand.
I thought Glenn Greenwald laid it out very nicely in these posts here:
Wash Post’s Pearlstein: Anyone opposing the bailout is ignorant
Bailout follows the 10 normal principles for how our government functions