Bailout thoughts

The Commercial Appeal just released an article on the political experts' reaction to Travis Childers voting against the $700 billion bailout. Yesterday we posted Travis Childer's explanation for why he voted no. While Childers opposed this proposed bailout, he does support some form of federal action to insure the stability of our markets. Travis was elected on an economic populist platform and he stayed true to that belief in this most difficult vote.

With the 777 point drop in the Dow Jones yesterday, there is an increased level of public concern regarding the proposed bailout. Many Americans' retirements are in 401K's that are heavily invested in Wall Street. The bailout was opposed by 2/5's of House Democrats and by 2/3's of House Republicans. Congress will meet again on Thursday to try and hammer out a solution that both sides can agree on.

I do find it interesting that the House, the branch of government closest to the American people by design, is the one balking at the bailout. The President and House leaders from both parties support the bailout, but not the rank and file Democrats or Republicans. Polls ran yesterday showed that Americans opposed the bailout by a 46-41 margin. With every member of the House up for reelection this November, most of those facing a tight race did not want to risk the wrath of the angry voter back home and voted against the bailout.

Mississippi State University political scientist W. Martin Wiseman said the vote was right on two levels.

“That was definitely a populist vote and it may be a great fit for a populist district,” said Wiseman. “There are a lot of mad people out there…The side they see is, here is Congress up in Washington about to give a blank check to the people who got themselves in this mess to begin with.”

University of Mississippi journalism professor Curtis Wilkie, who covered Washington for 26 years for The Boston Globe before returning to Ole Miss to teach, also thought it was a smart move.

Wilkie noted that the other Mississippi Democrats also voted against the measure.

“This is a crisis that needs to be addressed as quickly as possible but at the same time Childers’ vote reflects a basic populist philosophy that’s popular in his district,” Wilkie said.