On The Turning Away

If MSM reactions are anything to go by, the House has taken a severe beating for failing to pass Paulson’s bailout plan. However, ‘blog chatters’ – dismissed by an assortment of self-styled pundits – seem to tell a different story. Money quote this comment at FT Gideon Rachman’s blog:

[T]his is no longer about a bailout. This is about $3 ATM fees, getting charged $5 for using your credit card in Mexico, and a whole host of other things Americans are upset with their banks about. This is about people being irrationally mad at “Corporate America”. I saw one poll that said a majority would prefer a deep recession (51%) as opposed to this bailout. I don’t think anyone cares about the Dow falling 800 points. It is inconsequential to the average American. They want their pound of flesh. They have tasted blood and will not allow anything similar to this plan to pass.