Standing on Principle
Conservatives in the House took a bold approach defeating the bailout and standing firmly in support of Market Principles and against creeping socialism. Conservative talk show hosts riled conservatives up to call their conservative representatives in Congress and demand "No Bailout!" Until it hit their pocketbook, upon which they acted like true conservatives and said the hell with principles!
"I started hearing from a lot of people who lost money on their investments thanks to the big drop on Wall Street yesterday" said Rep. Steven C La Tourette, Republican of Ohio, who voted against the plan. The switchboards are lighting up with calls from Really Stupid People who had a very sudden change of heart. This is hypocricy "so absolute that it becomes a kind of sincerity."
As credit continues to tighten Beakerkin acknowledges that derivitives are very complex financial instruments but I don't think this addressed the real problem. Over-accumulation and the decreasing rate of profit continues to be the underlying crisis facing capitalism and financialization is but a symptom of a much broader malaise. This is not a "bump" or "mere correction".