Bailout redux
September 27th 2008 21:19
I commented a few days ago about my disgust for the bailout being formulated in Washington. I still am disgusted by it. However, I do now feel that something needs to be done very soon. The lack of credit/liquidity in the marketplace will start impacting commerce and the average person on the street very soon. I believe that Congress feels that same urgency, despite the understandable outrage throughout the country. The problem with selling the public on the bailout, though, is that "man on the street" just doesn't trust Washington to do what's in the taxpayers' best interest. The main players who are deemed as untrustworthy include:
* President Bush -- He has proven himself to be incompetent too many times. He hasn't done anything to fix wasteful government programs and even added new financial boondoggles since his tenure began.
* Congress (including the House and the Senate) -- Many or most of them have been in bed with the most egregious contributors to these problems. This includes unscrupulous lenders and irresponsible Wall Street investment banks. Barney Frank (D-MA) and Chris Dodd (D-CT) are the biggest hypocrites on this issue. Frank was the patron saint of Fannie Mae and Freddie Mac. Dodd was the patron saint of Countrywide. Had Congress been impartial, they would've realized this train wreck was coming and fixed it a long time ago.
* Henry Paulson and Ben Bernanke - As I said in my previous post, these two have little accountability. They hold appointed positions. We are just blips on balance sheets and line graphs to them. Paulson was formerly chairman of Goldman Sachs, another investment bank that fell into dire straights. Why, in particular, should we trust him?
* Regulators - We're being promised regulation, but what does that really mean? We've had regulators. It doesn't matter what their job responsibilities are if they don't do their jobs.
* McCain and Obama -- Both are claiming to be actively involved in crafting a solution. Don't be fooled. Every move they make is calculated. The American people aren't their true motivation -- power is.
I do applaud the House Republicans for representing the taxpayers who will be saddled with this massive debt. They are trying to find a solution that is more market-based than government-based. I doubt they'll succeed, but at least they're trying. The White House, the Democrats, and most of the Senate Republicans are on the same page, but at least the House Republicans are trying to give the average American a voice at the table. In that respect, this whole situation is eerily reminiscent of the immigration bill. America is vehemently opposed to the government action that seems inevitable and most of Washington (less the Republicans in the House) is trying to push it through.
I suspect they'll reach an agreement soon. I really feel like they have to just to give our economy a chance to start moving again. You can be rest assured, though, that American people will ultimately get the short end of the stick. When it comes to Washington, that seems to be the only action they consistently achieve.
* President Bush -- He has proven himself to be incompetent too many times. He hasn't done anything to fix wasteful government programs and even added new financial boondoggles since his tenure began.
* Congress (including the House and the Senate) -- Many or most of them have been in bed with the most egregious contributors to these problems. This includes unscrupulous lenders and irresponsible Wall Street investment banks. Barney Frank (D-MA) and Chris Dodd (D-CT) are the biggest hypocrites on this issue. Frank was the patron saint of Fannie Mae and Freddie Mac. Dodd was the patron saint of Countrywide. Had Congress been impartial, they would've realized this train wreck was coming and fixed it a long time ago.
* Henry Paulson and Ben Bernanke - As I said in my previous post, these two have little accountability. They hold appointed positions. We are just blips on balance sheets and line graphs to them. Paulson was formerly chairman of Goldman Sachs, another investment bank that fell into dire straights. Why, in particular, should we trust him?
* Regulators - We're being promised regulation, but what does that really mean? We've had regulators. It doesn't matter what their job responsibilities are if they don't do their jobs.
* McCain and Obama -- Both are claiming to be actively involved in crafting a solution. Don't be fooled. Every move they make is calculated. The American people aren't their true motivation -- power is.
I do applaud the House Republicans for representing the taxpayers who will be saddled with this massive debt. They are trying to find a solution that is more market-based than government-based. I doubt they'll succeed, but at least they're trying. The White House, the Democrats, and most of the Senate Republicans are on the same page, but at least the House Republicans are trying to give the average American a voice at the table. In that respect, this whole situation is eerily reminiscent of the immigration bill. America is vehemently opposed to the government action that seems inevitable and most of Washington (less the Republicans in the House) is trying to push it through.
I suspect they'll reach an agreement soon. I really feel like they have to just to give our economy a chance to start moving again. You can be rest assured, though, that American people will ultimately get the short end of the stick. When it comes to Washington, that seems to be the only action they consistently achieve.
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Comment by S.L.
The Political Brief
Comment by PopulistConservative
Angry Electorate
Comment by S.L.
The Political Brief
I guess I just resent having to bail out people who should have known better and a group like ACORN who forced them to do something they knew was stupid to begin with....
Comment by PopulistConservative
Angry Electorate
It's crazy here in Atlanta. Everywhere you go, people are asking others where they can get gas. It feels like Mad Max.
Comment by S.L.
The Political Brief
I really think the market will right itself, given the chance. But it looks like we'll never know, huh?