Opinion: Republicans oppose bailout on sound conservative principles
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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?