The Bailout dereves a 12(b)(6)

>> Monday, September 29, 2008

The federal rules of civil procedure has a motion that a defense attorney may make before a trial has begun. If granted this motion throws the suit out of court. It is referred to as a 12b6 or a "failure to state a claim for which relief may be granted". If the bailout does not meet that criteria i dont know what does.

Ok so it might be a slight mistake to say that the alleged collapse of the world financial market does not demand relief. Maybe i should have went with directed verdict. However my basic point is that the government, Bush-Paulson-Pelosi have failed to make their case to the American people on this thing. It is obvious that the general public believes, rightly so given what information we have, that this is a total giveaway. the congress clearly gets this that why they are having to scrounge for votes,

Republicans, under pressure from the democrats to deliver 70-100 votes from their side, were scouring the ranks and focusing on the two dozen Republicans who were retiring this year.
"It is a good number," said Representative Ray LaHood of Illionois, one of the Republicans leaving Congress this year.

Mr. LaHood said he had suggested to the leadership that they convene the departing members to get them to make the case to wavering Republicans.

Both parties were also scouring the political map to identify lawmakers who face little or no opposition for re-election in November, knowing the would be more willing to vote yes.

Democratic officials said that despite controlling both chamers in Congress, they were far from having a majority sufficient to pass the measure just from their ranks. And they also warned that Democrats in potentially tough races could not be counted on to provide the votes to put the package over the top when, and if, it reaches the floor.

One of the biggest problems with this is that congress is moving as fast as possible without taking the American people along with them. They are not even trying to make a case with real data and real experts to back it up. Instead you get people like Krugman and Roubini who either think this plan is barely above awful or just crap. How do you expect to get support with reviews like that?

As i wrote yesterday congress and the dems are going to be feeling this one for a long time and it more than likely wont be pretty.


O-le,O-le, O-le, O-le! O-le, O-le!

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