Tuesday, September 30, 2008
WALL STREET LAYS AN EGG -- EGGED ON BY REP. JOHN MICA
If JOHN MICA and House opponents of the bailout bill had any legislative skills, they'd have offered a Floor Amendment to make the bill work, taking the advice of the 200 economists who offered their view in a signed letter.
Instead, they sent the stock market down 778 points, losing $1.2 trillion dollars.
In the words of the late Illinois Republican Senator Everett McKinley Dirksen, "a billion dollars here, a billion dollars there, and pretty soon you're talking about real money."
MICA must be replaced. Faye Armitage, an economist, is up for the job.
See Orlando Sentinel editorial, below, along with Faye Armitage's column from Sunday's St. Augustine REcord.