Now GOP may block Bailout

I thought the GOP was supposed to be the party of big business. Then I read crap like this:

The administration needs to do a better job of explaining how the financial crisis affects ordinary Americans, LaTourette said.

``They're talking about inter-company loans,'' LaTourette said. ``The guys at the diner aren't interested in inter-company loans, they want to know how they're going to pay their mortgage or their credit card bill. So they have a ways to go.''

I can tell you exactly how a failed credit market would affect the "guys at the diner." If the guys want to buy a car or a new truck on credit forget it unless they have a prestine FICO score. Also if they work for the car industry there is a good chance that they will be laid off. If they have credit card debt then I hope they are prepared to pay a higher rate. It might even cause them to default on those debts depending on how much in the hock they are.

If they are a small businessman and want to get a loan to expand their business then they would be out of luck. If they have a 401K that is in the market then I hope they don't need to retire for a while because they might need to get a job at that diner instead of sitting there eating. In other words if Congress fails this or they have this view:

``To say that there is a healthy dose of skepticism would be putting it mildly,'' LaTourette said. ``I think the overwhelming sentiment at this moment in time is, what's the rush?''

Um, Congressman LaTourette banks will fail if you let this thing go past the election. So they either pay $700 billion now or they get to pump that money into the FDIC if these banks start to die.