Is it not IRONIC that the Bush / Paulson bailout plan is being stymied by HOUSE REPUBLICANS?
You noticed that the Democrats had no trouble agreeing with Bush to just buy up all that nasty debt around the country for $700 BILLION, after all the Democrats are all about SOCIALISM and the bailout plan would put this country on a definitely socialist footing.
House Republicans went against their own president and would not give up their CAPITALIST principles and I applaud them for it.
Bush gave a good speech explaining why the country is in the financial position it is right now and how his plan would save us from certain economic disaster BUT this is the guy that told us about weapons of mass destruction and how we absolutely needed to invade Iraq or disaster will befall our great nation.
I am not saying Bush is totally wrong but I think his plan is too big and too rushed; we need to give this matter some serious thought before we commit $700 Billion to throw at the problem at hand.
I suggested and the House Republicans appear to be thinking in the same vein, that the Federal government provide insurance or a guarantee in specific areas to keep the credit markets open. They have already done this for investments in money market funds which provide most if not all of commercial short term loans.
Freddie Mac and Fannie May can continue to keep mortgage money flowing by buying sound mortgages from mortgage originators.
Washington Mutual (WaMu), a huge bank, failed this morning, was taken over by the Feds and immediately sold to JP Morgan Chase. The bailout would have prevented this demise but why should a bank earn a reprieve for its disastrous decision making; it did not deserve a new life.
Yes, our government will still spend billions of our taxpayer dollars to guarantee the safety of our money but it will not reward wild speculation which needs to be controlled just like the regulations enacted after the Great Depression did but which were conveniently overturned in our time and now need to be re-enacted.
Goldman Sachs and Merrill Lynch have now become “regular” deposit banks which means strict federal regulation. Warren Buffett just bought five ($5) Billion in Goldman Sachs preferred stock which indicates a private sector with money and a willingness to spend it IF the Feds act to restore trust in our financial system.
Some people should be in foreclosure and some financial institutions should just die or be sold off.
The Democrats are just itching to socialize our economy with the help of a Republican president of all people; they must not be allowed to do that!
If you are thinking why would Bush do such a thing with four (4) months remaining in his tenure as president, just think about his presidency? He led us into a disastrous war in Iraq, he allowed al-Qaeda to rebuild in Afghanistan / Pakistan and he allowed Russia to once again become an aggressor nation in opposition to the U.S. and on top of all that, he allowed our financial system to crash. Wouldn’t you want at least ONE GOOD THING to be written about your eight (8) years in office?
Bush may think that his bailout would be treated as “a good thing” but he is mistaken. In my opinion, it would lead to the collapse of our capitalist system and to me that would be a real disaster for the ages and for this country.
You noticed that the Democrats had no trouble agreeing with Bush to just buy up all that nasty debt around the country for $700 BILLION, after all the Democrats are all about SOCIALISM and the bailout plan would put this country on a definitely socialist footing.
House Republicans went against their own president and would not give up their CAPITALIST principles and I applaud them for it.
Bush gave a good speech explaining why the country is in the financial position it is right now and how his plan would save us from certain economic disaster BUT this is the guy that told us about weapons of mass destruction and how we absolutely needed to invade Iraq or disaster will befall our great nation.
I am not saying Bush is totally wrong but I think his plan is too big and too rushed; we need to give this matter some serious thought before we commit $700 Billion to throw at the problem at hand.
I suggested and the House Republicans appear to be thinking in the same vein, that the Federal government provide insurance or a guarantee in specific areas to keep the credit markets open. They have already done this for investments in money market funds which provide most if not all of commercial short term loans.
Freddie Mac and Fannie May can continue to keep mortgage money flowing by buying sound mortgages from mortgage originators.
Washington Mutual (WaMu), a huge bank, failed this morning, was taken over by the Feds and immediately sold to JP Morgan Chase. The bailout would have prevented this demise but why should a bank earn a reprieve for its disastrous decision making; it did not deserve a new life.
Yes, our government will still spend billions of our taxpayer dollars to guarantee the safety of our money but it will not reward wild speculation which needs to be controlled just like the regulations enacted after the Great Depression did but which were conveniently overturned in our time and now need to be re-enacted.
Goldman Sachs and Merrill Lynch have now become “regular” deposit banks which means strict federal regulation. Warren Buffett just bought five ($5) Billion in Goldman Sachs preferred stock which indicates a private sector with money and a willingness to spend it IF the Feds act to restore trust in our financial system.
Some people should be in foreclosure and some financial institutions should just die or be sold off.
The Democrats are just itching to socialize our economy with the help of a Republican president of all people; they must not be allowed to do that!
If you are thinking why would Bush do such a thing with four (4) months remaining in his tenure as president, just think about his presidency? He led us into a disastrous war in Iraq, he allowed al-Qaeda to rebuild in Afghanistan / Pakistan and he allowed Russia to once again become an aggressor nation in opposition to the U.S. and on top of all that, he allowed our financial system to crash. Wouldn’t you want at least ONE GOOD THING to be written about your eight (8) years in office?
Bush may think that his bailout would be treated as “a good thing” but he is mistaken. In my opinion, it would lead to the collapse of our capitalist system and to me that would be a real disaster for the ages and for this country.
No comments:
Post a Comment