Rachel Maddow Show: Pat Buchanan on Bailout

Rachel brings in her "Uncle Pat" Buchanan to talk about the bailout and McCain boxing himself in now that his own party is revolting against it.

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[OBAMACHICK3]

"THE FUNDAMENTALS OF THE ECONOMY ARE STRONG."

- John McCain 9/15/08

┏┫　｜　｜　┣┓　┏┓

┗┫━━　┃　━━┣┛　┣┫　┃ ━━━━ ┃　┏┳┫┣┳┓No McCain.　┗━━┳━┳━━┛　┃　┃No Palin.

━━━━┃　┃━━━━┗━┳┳━┛No More Bullshit.

_./'\._

*•. .•* *Obama/Biden o8!! Vote4 REAL Change!!

/.•*•.\ ★°° ★°° ★°° ★°° ★°° ★°° ★°°

[j9zig]

Federal Housing Regulatory Reform Act of 2005 S. 190

"For years I have been concerned about the regulatory structure that governs Fannie Mae & Freddie Mac known as Govt sponsored entities or GSEs & the sheer magnitude of these companies & the role they play in the housing market. The report solidifies my view that the GSEs need to be reformed without delay. I urge my colleagues to support swift action on this GSE reform legislation."

John McCain, Senate Floor, 5/25/2006

[CatholicConversion]

@OBAMACHICK3 This economic disaster was created primarily from government intervention because the political class does not have the courage to say that the poor, or disinfranchized deserve a basic income or subsidization for housing assistance ect.

That was the cause along with the Fed printing to heaven, and (drum roll) the bailing out and implicit guarantees of future bailouts creating moral hazards.

[eternalwanker]

Buchanan seems more and more like a benevolent grandfather. What is going on?

[j9zig]

No way. This bill would have been rammed thru already with Dems and the Bush Admin agreeing. It is the House Republicans that derailed the giveaway and McCain drawing attention to their objections.

[waltermh111]

Will businesses learn anything if they know bailouts are always around and CEOs wont have to lose their jobs no matter what they do? and i have yet to hear any politician mention what penalty the leaders of any of the companies will have to pay.

I think most of us know that in fact, in big business, failure is usually rewarded with bonuses.

I say as harsh as it is right now, I would rather pay the price right now while people remember what we are paying for, now later when people have forgotten.

[waltermh111]

But what impact will we all feel in the short term? Nothing. We wont have taxes raised right now to pay it off.

We wont notice that 700B costing us anything until maybe a few years down the line when we run out of credit with some country. Or when budgeting becomes a political issue. But will we remember why our debt is so large?

Do most americans even now remember why our debt is so large?

[waltermh111]

What happens when we bail them out is we simply delay the crashing of our economy for later, because we dont have 700B, and especially not the 1Trillion+ that its likely to cost us.

We will have to borrow it as usual.

That is more debt, one expert even mention the feds having to print even more money. That further weakens the dollar.

Maybe higher taxes in the future for all of us,to pay for it.

Less federal programs as budgets are further cut to pay off debt.

[waltermh111]

All i keep hearing from the democrats is how they want to protect americans while protecting the companies, but i have yet to hear more then soundbites out of them. Maye i missed some detailed explanation they made if somebody has a link, but i still have no idea how they plan to help anybody but the businesses.

the economy honestly needs to crash, sort of a reset. Something we can all hopefully learn from, like the last time.

[KingQuad75]

Same here, I'm an Obama supporter myself. Right now I'm looking at this as the lesser of two evils and the two "what if's". What if we don't bail out these companies? What if we do? What are the potential consequences of each action? If this is truly necessary and the $700 billion is infused into the system, I want to know that there are provisions to where those CEO's and execs who messed up in the first place won't see any of that money into their bank accounts.

[kargenlewis]

jesus pat. your first sentence is a programmed republican talking point. that was all i had to hear to know this interview is bs. next!