More bad news for socialist bailout proposal
Posted by Mike Sylvester - 9/26/08 @ 12:00 am - Filed Under National Politics
You should read this article at the WashingtonPost.com.
Per that piece:
The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis.
This rush to a solution must stop. There are so many people opposing this bill that there is no way this socialist package should be “rammed” through Congress.
Mike Sylvester
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6 Responses to “More bad news for socialist bailout proposal”
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Mike,
Unfortunately Congress doesn’t listen to the CBO - EVER…
McCain is now becoming a problem - trying to push along a solution by threatening not to attend the debate.
When history judges the Bush administration, it will not be kind. This bunch wields fear as an effective policy making tool (viz., a ramrod).
I’ve written more about this here:
The Paulson Plan: Bad News For The Bailout
http://seidlweb.com/public/item/213401
F. Andy Seidl,
Your post is a good one!
I do not understand why the Democrats are in favor of this…
Mike Sylvester
This statement from the article should raise a red Flag to ever tax paying person.
“It remains uncertain whether the program will be sufficient to restore trust.”
Actually I wish people would apply the right term to this “bailout”. It is not a “Socialist” move. If it was, it would involve the homeowners and use public money to restore the equity that was raped from their home values by the runaway greed and averice of Wall street. In this instance “Socialist” is not even a bad thing, it simply means that the victims needs are put before the needs of the perpertrator.
The proposed solution is more accurately facist!
In a facist society, only corporate interests are considered and if the individual suffers to ensure the survival of the corporatist interest then so be it.
The proposal needs to address the mortgage holder first and allow the repairs to boil up Keansian style rather than trickle down Friedman style. The two economists (John Maynard Keans and Milton Freidman) had diametrical views of how to stimulate and incentivize an economy and the last 30 years of precipitous declines due to obediance to Freidmans flawed logic has proven Freidman was wrong and Keans was right.
I think that right now, a little socialism can neutralize 30 years of facism and allow Capitalism to actually be restored.
I love it when Neo-Cons talk about the “Free Market” and how capitalism is good when it is unfettered. The dullards that say this fail to realize that free-market Capitalism died in the 1980’s when Regan began the conversion to quiet facism in this country. In the regan view, lobbyists, funded by corporate interests fund the political system and therefore control the outcomes the process delivers. Equity is removed from the individual and distributed to the corporate interests by various means like re-sourcing consumer products,corporatizing or franchising small business, promoting leverage over pay as you go financial models and using market manipulations to kill expendible income (Gas speculation and Enron anyone?). The final step is to kill home equity, which is the conerstone of middle class financial stability.
Once you do all of this you have created a facist state that Benito Mussolini could only dream of!
f I have to choose between this and a socialist solution that restores home value to the middle class and interrupts the above process, I say let it be! _