(TN) Wamp: It Was Never About The Stock Market

Chattanoogan.com ^ | October 9, 2008 | Dana Wilbourn

[del4hope]

The package had to be done to avert (or delay) a quick slide into actual Depression -

Have you checked the market?

[supercat]

If he feels that he had little choice on this matter I believe it.

How can a market function when nobody knows the rules?

[Guenevere]

I think Wamp is covering his backside for voting yes...

..now he's trying to make the House Republicans **who voted for the people, the ones making the phone calls** look like the villains in this.

I find him disgusting!

[Guenevere]

After I posted my few puny words....I saw your post.

I should have saved bandwidth....yours says it best!!!

[Thermalseeker]

I know my representative, Marsha Blackburn, did not.

Believe it or not, my Rep. Lincoln Davis (D) voted no! I'm shocked, shocked, I tell you! (and very, very glad that Wamp does not represent my district anymore).....

[Thermalseeker]

He has the backbone of a chocolate eclair.

I've met Wamp on several occasions, including sitting across the desk from him in his office. He's far, far worse than anyone in the 3rd District imagines. He is a RINO on the fullest sense of the word.....

[Captain Kirk]

He may be as pure as the driven snow in his intentions but that doesn't detract from the fact that he chose to take the advice of the thorougly discredited Bernanke and Paulson who, unlike Ron Paul and others, DID NOT see this coming and, in fact, helped to create the conditions that led to it. Wamp showed extremely poor judgement in doing this and deserves to be sent home. The Republicans who did not wimp out, by contrast, deserve the highest praise.

Also, Wamp's current claim that it wasn't Wall Street but the "credit" shortage that led to his vote strikes me as opportunistic revisionism.....now that the markets have tanked.

[Captain Kirk]

Actually, I stole them from Teddy Roosevelt....but thanks anyway!

[NewRomeTacitus]

Wasn’t ignoring or avoiding you; just returned from another 11 hour work day. Lots of that going around lately. If we who are willing to work are doing so to the maximum amount we can why are we having these problems? Because the oxen can never pull hard enough for the “entitled”, the lazy and the crooked.

Back to point - I haven’t been following Wamp closely during the last two years. He very well may have been afflicted by Potomic Fever and has to shave his emerging horn each morning. But! He was correct that it wasn’t BECAUSE of the stock market.

The stock market is a reactive entity and it’s responding to a financial vacuum in the mortgage markets created (and perpetuated) by Democrats determined to enable deadbeats to own homes at the expense of the nations’ taxpayers.

[Captain Kirk]

I don't think it was one or the other. Opponents of the bailout, like Wamp, were hammered repeatedly by the media because the market went down after their vote. We were all told it was markets were "reacting" to the no vote. That was a key factor in pushing no votes into the yes category IMHO,

Let's assume you are right and it was entirely due to the credit shortage. If true, that does not reflect well on Wamp. To the extent there were credit problems, there are WORSE after the bailout was approved. This should be no surprise to anyone who knows economics. Inflating the money supply like mad has never solved anything and only creates more malinvestments. Again, it comes back to this. Wamp took the advice of the very men who causes the crisis in the first place including Bernanke, Paulson, and Frank. For God's sake, why? He can't rationalize his way out of that.

[NewRomeTacitus]

No politician can rationalize their way out of an inherited problem: the U.S. has been operating on the illusion of real wealth for a few decades now, operating under the delusion that there’s no limitations on Uncle Sam’s credit. While Reagan pushed this premise for the purpose of breaking the Soviets for good the Democrats have run wild with a Platinum card with no backing.

We got lucky when the Japanese overextended themselves on real estate in the 1980s. Now that we’re deeply in debt to ideological enemies I can’t see a painless solution.