Thoughts on the Bail-Out

The Bush-Pelosi bail-out passed the House on it second try, its cost now swollen from $700 billion to $850 billion.

The Democratic Party confirmed its status as run by limosine liberals — an upper/lower class alliance against the American middle class

The Republican Party confirmed its status as being run by idiots. While most House Republicans still voted against the Wall Street Bailout, the Republican leadership did everything possible to conflate the economic mismanagement of Democrats with the economic mismanagement of the GOP.

John McCain foolish suspended his campaign to support the bankrupt Bush line, and worked as hard as he could to undermine the House Republicans.

Barack Obama dutifully followed his Party’s leadership in its attempt to nationalize as much real property in the country as possible.

The Republicans demonstrated no ability to handle a complex economic crisis.

The Democrats demonstrated their known ability to manipulate markets, wreck important institutions, and hurt the country.

Whatever the specific fates of the Wall Street firms and their Washington men, it’s hard to think that the US financial system is not irreparably wrecked. What we had before is unlikely to come back. The executive branch sees as its purpose protecting investors from risk, and the legislative branch apparently has ignored the lessons of the 1990s and regressed to economic policies that would be familiar to Adlai Stevenson.

That all said, the candidate with the best economic policies at this point appears to be Barack Obama — prsuming he is lying on international trade, the capital gains tax, and so on. The lack of national health insurance means that the U.S. is the only industrialized country where losing your job means losing your health insurance: this is a systemic break on free trade and creative destruction.

5 thoughts on “Thoughts on the Bail-Out”

  1. I agree, Dan. There is a long, detailed paper (and video) trail of prominent Democrats who have prevented any reform or oversight of Fannie Mae and Freddie Mac going back many years. The Dems have been in charge of the Congress for the past two years, and they haven’t done jack. Yet McCain and Bush are determined to characterize this a bipartisan failure. It’s not. Republicans have been trying to rein in those agencies for years, with no success. The demented Bush is the worst of all. After the bailout passed the House, he gave a speech praising Pelosi, Frank, Hoyer and the rest of the gang for their bipartisanship. Yet those people never hesitate to excoriate and vilify him at any opportunity. They have hung this dead skunk economy around Bush’s neck. Bush has turned out to be nothing but the Democrat’s bitch. Long ago, he decided to be “above the fray” and “presidential” when he should have been kicking ass. He has really turned out to be a useless sack of shit. Now the country is on the verge of being turned over to socialists and internationalists. This has the potential of changing America forever in a very bad way. TEOLAWKI indeed.

    My personal opinion? The American Left has orchestrated this financial meltdown to destroy American capitalism and facilitate their return to power. McCain was ahead in many polls as recently as two weeks ago, but he has little if any chance now.

  2. “My personal opinion? The American Left has orchestrated this financial meltdown to destroy American capitalism and facilitate their return to power.”

    Who knew tdaxp’s blog had a fanbase with a conspiracy theory nut. Usually they’re from the left. Wierd to see one from the right.

  3. “Who knew tdaxp’s blog had a fanbase with a conspiracy theory nut. Usually they’re from the left. Wierd to see one from the right.”

    Dude- I said “opinion.” I don’t present that as fact. Is “wierd” a word?

  4. Mystery & Terry,

    When given a choice between human ignorance and human genius… I normally go with human ignorance.

    The Democratic Party wanted to increase home ownership to enrich its supporters; the Republican Party wanted to increase home ownership to make people more responsible. In recent years the Democrats in Congress (and President Bush) took the lead in building up the housing bubble, to the consternation of John McCain and others like him.

    Galrahn,

    Good point — the domestic costs of political corruption are far higher than the international costs of war.

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