When the stimulus passed in the House of Representatives, it did so without a single Republican vote. When it passed in the Senate yesterday, it earned a whopping three Republican votes. Sens. Arlen Specter, Olympia Snowe, and Susan Collins broke ranks with their party, voting for a watered down version of the bill. Not content to fiddle while the nation burns, these three senators recognized that we're in an honest-to-goodness emergency. Something needed to be done and, despite pressure from their own party, these three senators did something. Not enough, but something.How real is this emergency? So real that the world economy came close to literal collapse in late 2008. It was then that there was an electronic run on banks "to the tune of $550 billion dollars" within "an hour or two."
According to [Rep. Paul Kanjorski (D-PA)], on September 18, 2008 the Fed tried to "stem the tide" by pumping money into the financial system but it didn't work and decided instead to announce an immediate increase in deposit insurance to $250,000 per account to stop the panic.
Said Kanjorski: "If they had not done that, their estimation is that by 2 p.m. that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it."
But, of course, when the market and the economy are this bad, the Republican party decided that it would be a perfect time to do a little grandstanding, score some cheap political points with their base, and put on a show of wingnut solidarity. Three senators didn't play along... [CLICK TO READ FULL POST]
