The politics of the bailout, part 2
Tuesday, September 30, 2008 at 07:17PM In addition to sabotaging our economy and putting "main street" at risk, the Republican back-benchers have also blind-sided John McCain's campaign by keeping the bailout front and center for at least another week.
It's clear now that the politics of the bailout is working against McCain; every day it dominates the news cycle is a bad day for the McCain camp.
With only 34 days to go, and his poll numbers sinking, McCain can't afford another lost week. Who knows if Congress will pass a bailout bill on Thursday, but if the House Republicans torpedo it again, it may be the last nail in McCain's coffin.
Ironically, this might be a different story if Mitt Romney was his running mate. He would have been able to speak credibly with Paulson and Bernanke and the Republican leadership, and offer real insight and assistance to the negotiations. But hindsight in 20/20 ...
Reader Comments (7)
So the Republicans are supposed to continue selling out their principles and back a Marxist bill that creates huge moral hazard, possibly does more harm than good, and vastly increases the size of government, just because it might be good for McCain's hopeless candidacy?
No thanks.
This is wonderful. Finally, faced with electoral defeat, some Republicans discover the free market and have the backbone to defy the chicken littles clamoring for more free government money. Good. That, not McCain's "country first" collectivist b.s., is worth preserving. And gee, McCain, make a career out of screwing the right, don't expect to have the right sell itself out to help your ego trip.
Yes and while the Republican back benchers are discovering their libertarian instincts, they can counsel their constituents as to the best soup lines in town.
soup lines are caused, as they were in the 30s, by government meddling in the free market.
this is an instructive moment as to who on the right actually believes in capitalism, and who on the right merely invokes it when convenient to make money but just as opportunistically endorses marxism when they think that gives them a better payout.
Alan, we've had 8 years of nearly free markets, with effectively less regualtion-wheher it be through political appointees coddling industry, hiring freezes, or whatever it took for the Bushies to tell business it was free to do whatever. The Bushies didn't like regulation, and they let the animal loose. We're living through the realities of an unimpeded market. It's clear they can't regulate themselves, and it's too expensive for the average person to survive waiting for them to figure out what to do.
My family lost $20k on Monday. Given the opposite was $4600 in debt for me and my wife, it's clear which option I'd take. Yes the market is teetering up, but my funds aren't necessarily invested in what's moving up. I'm sure you understand sector funds and the like.
If the free market was so wise, then why didn't it set higher liquidity or capital reserves when they started peddling these bad loans? Why didnt it think to keep individual mortgages in the subprime traunches instead of splitting a single mortagage across a number of traunches? The main reason no one can determine value is because information on the underlying assests are spread across the globe. Worst of all, why did it think the good times would go on "forever"?
Markets need regulation. Government is there to provide that. Not the crazy Marxian kind fron the 70's; but definitely not what we're living through now. Markets are greedy, and greed doesn't lend itself to common sense. I'm sure we could find some nut who thought the FDIC was a bad idea; until he realized he had a couple hundred thousand in a single bank account.
Thank you for your sharing!
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