My sister, Jodi, had a blog post dealing with the situation. She posted a video from Rachel Maddow talking about the mess...the following is my answer to her blog...
Who gave the six-year-olds all of the candy to begin with? Congress--by manipulating the credit market and encouraging sub-prime loans. There is plenty of blame to go around as my analysis of the mess shows.
Even Bill Clinton agrees with me...as he said on GMA this morning responding to a question about the changes to Fannie and Freddie in 1999, "Well...I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress...to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
The answer to the problem, however, is NOT to put taxpayers on the line with this bailout. As Rachel's piece mentions (very briefly, but...you know...consider the source)...very conservative members of Congress are balking at this. THIS PLAN IS NOT THE ANSWER...LET THE MARKET WORK IT OUT AND LET THE CHIPS FALL WHERE THEY WILL!!!
Remember (even with Ms. Maddow's snarky comment)...THE GOVERNMENT IS NOT THE SOLUTION TO THE PROBLEM...THE GOVERNMENT IS THE PROBLEM!!!
Oh, how I wish we had a leader in charge instead of a bunch of POPULISTS like Obama and McCain.
We should reform Sarbanes-Oxley, cut the capital gains tax to ZERO, (The natural influx of capital from that will take care of much of the fallout of this mess), and cut corporate taxes (currently the 2nd highest in the industrialized world). This would increase capital flow and alleviate the crisis in the credit market.
Thursday, September 25, 2008
The mess continues...
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2 comments:
We do agree on this. But as I stated earlier - you still want to lay blame with the Democrats. Your President has presided over some of the most disasterous policies this country has ever seen....he has been a FAILURE. Yet, Obama (and McCain aren't leaders -they are populists?) What does that make Bush..besides the obvious IDIOT and FAILURE?
This economic "SHOCK" as Naomi Klein aptly describes it, is a scare tactic devised by the same people that gave us the buildup to war with Iraq. "Grave Danger" "Impending Doom"...etc, etc...fear fear fear. Ridiculous!
The fact that we are even discussing a "bailout" has me ready to burst at the seams. So - while we agree that the bailout is the wrong answer to this problem - we disagree on how we got to this point in the first place...
And why is it the Democrat's fault that they didn't "push back" enough on the ruling party when these changes took place in 1999? IT WAS YOUR PARTY THAT WAS IN CONTROL!!!!!!!!!!!!
Yet again, the Republican Party bears no responsibilty for what has happend. And yet again I say...shame on them.
The buck stops with the current administration...one you faithfully helped get elected and re-elected....one that you so staunchily defended on several occassions....let's really see who is taking from the the middle class .....sounds like your argument of redistribution of weath (that you always preach to me) has been going on ...just in the opposite direction - and with all of us holding the bag!
I am sorry that you think I am the pompus one here ...interesting considering that you are always pontificating the merits of the Republican Party ...well - your party is the party that brought us to the table where we currently sit...so Cheers!
Yes, you do slightly blame Bush, but he is only guilty of "not being stronger" on the issue..What?
I did read your complete analysis....I respectfully believe that you look through glasses that paint a one-sided view of the entire situation. There is enough blame to go around. But the blame ulitmately lies with this administration. So, I will not apologize for speaking out....I love you Jimmy - but you stand on the wrong side of the "blame" issue here.
I promised myself that I would not get ensnared in these arguments with you - I really try...but I am sick and tired of this administration and the Republican party not taking responsibility for what has transpired over the past 7 years.
Our country is in dire straits. you can continue to believe that 40 years of Democratic rule has caused this (funny considering that the republicans have run Congress since 1994 until 2006...12 years! With a number of those years having the White House and the Supreme Court as well.) But this mess lays squarely on the policy positions of your party...."free markets"....no government regulation. This is where that gets us.
Strenghten SOX. Strengthen Regulation. Surcharges on all trades, and a 1% redistribution tax on those making a million +. This will be the money we can use to bail out the greedy corporatists! Less regulation is what got us were we are now. Even less regulation will surely lead us to an even greater level of insecurity and volitility.
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