Republicans oppose bailout on sound conservative principles
The Republican Party certainly isn't making it easy for John McCain and Sarah Palin to offer a conservative solution to the country's credit woes. Here's an excerpt from the newly adopted party platform. It's in the section called "Rebuilding Homeownership":
We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all. We encourage potential buyers to work in concert with the lending community to educate themselves about the responsibilities of purchasing a home, condo, or land.
The platform doesn't mention the responsibilities of purchasing a credit default swap, collateralized debt obligation or mortgage-backed security. Perhaps Wall Street could have used some financial literacy too, huh?
Photo: Stephan Savoia/AP
I resent that I have to pay for Wall Street's, Bush's, Congress' and Paulson’s mistakes. It is a shame to see Pelosi, Dodd, Reid, Paulson and others in a picture laughing and happy celebrating after gambling $700B of our money. It is easy to do so if it is not your money. Sen. Shelby is one of the few guys that have rebelled against the Wall Street bailout. Thanks to him (I am a democrat). The executive branch and Congress are not working "for the people".
Posted by: Marco Hurtado | September 28, 2008 at 04:58 PM
Why such a rush to pass this bailout scheme? Remember the rush to get into Iraq? We're still in that mess! Why wasn't there this sort of urgency for the Hurricane Katrina victims? Why should the poor and middle class be asked to bail out the rich? And the government still wants us to believe that permanent tax relief for the rich will spark the economy? Who, in this administration, has had any credible thing to say since they took office? Remember weapons of mass destruction? We still haven't found them! I, for one, cannot buy into this bailout plan and I fervently hope that the lawmakers, those whom we have elected to represent OUR best interests, will not cave in yet again.
Posted by: Michael D. Bryant | September 24, 2008 at 09:32 AM
The turkeys are returning to roost at home in the Democratic barn - 700 BILLION to be the last to buy into a PONZI scam? No Way !!
Posted by: tucanofulano | September 23, 2008 at 08:37 PM