I'm sure everyone knows about this already:"The Bush administration has proposed granting unfettered authority for the Treasury Department to buy up to $700 billion in distressed mortgage-related assets from private firms as part of a program that Treasury Secretary Henry Paulson said "has to work.""
Obama has called the proposal "a concept with a staggering price tag, not a plan", and has laid out the principles that he thinks should govern a bailout here. McCain was noncommittal on the administration's proposal, but criticized Obama.
Deciding what to do about the present financial crisis is beyond anything remotely resembling my expertise. However, like Steve Benen, I've been reading around, and I can't find a single decent economist who likes the plan. That scares me, since I expect that the political dynamics will go something like this: Paulson has proposed a plan; not to accept it would deeply damage confidence in the markets and make things much worse, regardless of whether it's a good plan or not; therefore, it will be passed. I hope the Democrats try to get some decent regulation and structural reform for all that money.
In the meantime, I do have a few other reactions:
First: throughout all this, I've been torn between believing in market discipline and wanting to avoid moral hazard on the one hand, and thinking that of course that commitment flies out the window if we're seriously threatened with economic collapse, on the other. But it's worth remembering that we could have avoided having to choose between these unfortunate options. All we needed to do was have people in government who believed in good regulation.
Second: if anyone ever tells me that Republicans are the party of fiscal discipline ever again, I will either dissolve in laughter or bite their heads off. I don't know which. You have been warned.
Third: in particular, if any Republican ever tells me that a hundred million or so is just too much to pay to make sure that kids have health insurance, I will definitely bite his or her head off.
Fourth: I do not want to hear people tell me that regulation cripples the economy, unless they are willing to admit that a lack of regulation can also cripple the economy. Not ever. I don't understand why anyone is so much as tempted to think that "regulation" is good or bad, as a whole: to me, that's like being for or against "things" or "people". Some regulations are good, some are bad; obviously, we want people in government who can tell the difference, and implement regulatory systems that work well. However, altogether too many of my fellow citizens were willing to listen to ideologues, and now we all get to pay for their mistakes.
Fifth: if Obama wins, he and the Democrats will, in all probability, have to be the grownups once again. Reagan spent us blind; Clinton got us out of debt again. Now Bush has spent us even blinder, and we will be tempted, yet again, to put our ideas and aspirations on hold for the sake of the country. I would like to hear one Republican, just once, acknowledge this fact.
I should also say: as people go, I am pretty willing to step up and be a grownup, even when other people aren't. But I am just about at the end of my rope. What that means, in practical terms, is that while early in the 90s I was willing to put various plans on hold for the sake of the country and its fiscal stability, I now think: Democrats' willingness to be sane and fiscally responsible just enables the Republicans. I am not willing to play that game. So don't count on me to think that universal health insurance is something we just can't afford any more.
Republican fiscal conservatives: if you've lost me, you've lost a whole lot of people. Because this is not a way of thinking that comes naturally to me at all. So step up to the plate and reform your party. You can't count on us to do your dirty work.
Sixth: Paulson seems to me to be one of the better members of this administration. (A low bar, I know.) But he still answers to Bush and Cheney. They have already abused our trust too often. There's a price for that: not being trusted when you really need it. It's not Paulson's fault. Too bad.
http://obsidianwings.blogs.com/obsidian_wings/2008/09/bailout-1.html
Loading...
@richardferrara3000
Dear Moron,
Too bad Olbermann and Maddow aren't more like Beck, Hannity, and Limbaugh!
Now there are some real journalists.
What a twit.
cmfluteguy 1 year ago
As far as Olbermann and Maddow, I hope they both get gassed in a FEMA camp! Fake ass journalists, they wouldn't report the truth if it was written on their telepromters! They'd just sit there stammering like the idiots they are!
richardferrara3000 2 years ago
Wow, a lot of people still believe republican/democrat dynamic! It's like the WWE! pretend to hate each other in public but smoke each others bones in private! Obama's continuing down the same path as the "evil" bush, and yet he gets a free pass 'cause he's not responsible! Even though he supported this b.s. when bush was still in office! what a disgrace! Our once great country has been hijacked!
richardferrara3000 2 years ago
Civil Rights
"The hidden agenda of civil rights legislation and so called hate laws in the 20th century was to make it illegal for society to defend itself against the takeover of its military, government, financial institutions, media, publishing, and educational systems by Khazarian Talmudic Jews whose goal is to sow hate and impregnate the collective subconscious mind of society with their values in order to create a world which serves Them and not God. - -
boruone77 2 years ago
typical case of problem,reaction, solution.
ron paul warned us all and said kill the fed before we go down but nobody wanted to do the tough things.
MachinaSapien 3 years ago
Who's had control of Congress for the last TWO YEARS???
bootyraider 3 years ago
Bush is a fucking criminal. When he's out of office let us remain dedicated to exposing his record and pursuing justice for him and the thousands of criminals associated with him. His stain will be with us for a long time.
newmanfrigan 3 years ago
Bush has poisoned the well by promising that you can get things for free. You cannot spend, spend and spend while reducing your income.
Republicans have made fiscal responsibility an electoral liability.
AxelQC 3 years ago
Bailout the American people with a $15K per year write off the 1040 for stock losses--that'll put $5K into the economy at the grass root level that has eaten crap in this awful stock market and gives something to US and not just the rich.
100M people could BUY our way out of the coming Depression, get on the phone to your Congress person and make your case NOW!
Yourdeadmeat69 3 years ago
Let's see, First we Bail out the Rich and well connected they run for the hills with taxpayer money and quickly convert it to Gold, Euros and other Foreign currencies.
Then we let Uncle Sam fall flat on his back. Panic sets in the President is forced to declare Bankruptcy reorganization for the United States..ALL Entitlements are wiped from the Books! Bye-- S.S., Medicare, Medicaid, Pensions, FHA! Out of the Ashes
The North American Union is born with the Amero!
rizkybusiness08 3 years ago 2