I find myself in a conundrum this evening. I am forced to congratulate Nancy Pelosi for FAILING to get the support she SHOULD have been able to get for the bailout plan in the House of Representatives.
She gave a highly partisan speech that blamed everyone but her party for the problem. That speech by itself, killed the Republican support that would have been enough to pass the bill.
http://www.breitbart.tv/html/184803.html
http://www.breitbart.tv/?p=184953
Thank you Nancy, your complete ineptitude as a leader has FINALLY done some good. The likelihood that this "knee-jerk reaction" expansion of government will pass has been lowered tremendously by your blatant and misplaced partisanship.
This financial crisis was caused in no small part by government forcing banks to make loans to people who live in "redline" areas who they knew had no ability to pay them back. These Community Reinvestment Act loans were made mandatory by the Carter administration and put on steroids by the Clinton administration. Forcing banks to make loans based on anything EXCEPT long-standing lending standards is ridiculous and we are paying the price for that stupidity now.
Government intervention got us into this and more government intervention will only make things worse. Unfortunately, we allowed liberals to stick their collective weeny in the soup and now we all have to eat it. We need to allow this situation to correct itself and learn from it. We must learn NOT to let liberals near the levers and switches of power anymore.
I encourage you to call or email your Senators and Delegates and express the opinion that this bailout should not go forward. It can still be stopped and it should be stopped.
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2 comments:
Roy, you're correct about Pelosi and about the CRA. It's amazing how many people are ignorant of the history leading to this mess.
But there has been bipartisan idiocy as well. Both sides have sought to evade necessary market corrections by reinflating bubbles with deficit spending. They want everyone, including banks and government, living off of credit cards.
Paulson touts "stability" (artificially inflated prices) and "liquidity" (living on credit cards). It can't continue.
House Republicans deserve credit for their stand. In the end I suspect they'll cave, though. Most can imagine no other paradigm besides living off of borrowed money.
McCain made a blunder. He blames Pelosi et al for stopping passage of the bill. But a great majority of voters didn't want the bill passed. By blaming Dems, he gives them undue credit -- mere weeks before the election.
dhines....excellent point. The American people are against this bailout in VERY large numbers. McCain could have been....
1. Against an unpopular President/Adminstration(even though I like them alot.
2. Against a major expansion of government and spending.
3. Against the corruption of that the above causes.
4. Against a plan that 70%+ of Americans are against.
All the while having his opponent be in favor of the same.
Missed opportunity to say the least.
Thanks for a great post.
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