Republicans Kill The Deal - Market Crumbles! McCain To Blame

So here comes John McCain riding in on his "maverick" horse to save the day, but he fails and the stubbornness of the house prevails. So much for his support. Worse still, some Democrats also blocked the deal and as it went down in defeat, the market tumbled over 700 points! Thanks Congress!

Apparently House members can't take a little heat from their constituents for the good of the country. Most folks are rightfully mad about the bailout, but the truth, like it or not, is it needs to happen. Without the secured credit, NOBODY, let me repeat that, NOBODY will be able to get credit for anything.

Here is the awful truth. Wall Street got so frigging greedy they had to find a new source for their goldmine. They picked housing and began backing companies making odd-ball loans. The sub prime mortgage problem is the result. So many investor rushed into mortgages as a way to make a bundle quick that they forgot the little problem of foreclosure. The smart ones bailed out a couple of years ago, and now the stupid and greedy ones are left.

Why not just let them fail the public cries. Heck if we make bad decisions we fail, why not Wall Street. I agree with the sentiment but I cannot support the logic. The big problem is the banks and companies making these bad loans and investing in them are the same companies that give credit to builders, small business owners, manufacturers, and even consumers. With their assets tied up in bad debt the credit spigot is turned off.

That means Best Buy can't sell new digital TVs, and GM can't sell cars and everyone from WalMart to Mom and Pop can't get credit for new inventory. See how big this is?

Overseas China will not have any market and their economy will tremble as well, and since they own all our debt, they won't have money either. This is a chain of cause and effect and the fat cat bankers are not only part of the problem but their companies are part of the solution.

No banks, no money. Pretty simple when you look at it that way.

Now start calling your Congressperson and telling them to get back in session and be part of the solution!