The 700 Billion Dollar Concession

I haven't read the plan, I don't know how the financing works and I don't know who is getting the money. But I'm definitely not going to see a cent of the 700 billion dollars currently up for grabs. Sure I'll be indirectly affected, but I'll get nowhere near the $2,333.33 that I would if the bailout money were just evenly distributed to the 300,000,000 residents of the USA. The notion of spending such a large sum of money on bolstering America's failing enterprises mystifies me. It seems almost un-American. The can-do doctrine of America, where if someone cannot do it right somebody else can and will seems to be getting a raw deal. The bailout would essentially reverse the defining principle of American economics while setting a terrible precedent. A healthy economy does not rely on an attempt, it thrives on success; where success is rewarded and failure punished.

The Democratic Party has long stood for stringent regulations in the economic realm while the Republican dogma preaches deregulation. Each approach has its advantages, but they both fail when combined; as evidenced by the current state of affairs. Over the last seven years the markets have moved toward the deregulation side of the spectrum, which is fine, remember when the Dow hit 14,000? But when things take a turn for the worst, sudden regulation cannot be a knight in shining armor. The deregulation approach is reactive; it forces markets to adjust after an error has been made, while regulation tends to be proactive attempting to prevent any errors from ever being made. There are obvious problems with both, but choosing both and forgetting about the downfalls of each is not the solution.

The entire Republican constituency seems to struggle with the true concept of deregulation. They stand by it when it's great, but they fail to stand by it when it falters. It's like crossing a major highway on foot when one direction is closed. The Republican leadership seems content to run to the middle (crossing the closed side), stop and then call a taxi to pick them up. They can handle the easy part, but when the going gets tough, they can't handle the possibility of getting hit by a bus. In reaching their objective (by way of taxi) they lose sight of what the original objective was, crossing the highway on foot, or to complete the analogy; letting the markets regulate themselves and actually following through on this premise.

The canonical example of such deregulation neglect comes from John McCain himself. During the initial drop he declared that "the fundamentals of the economy are strong" before back tracking and discussing the potential of another great depression. Sarah Palin did the same thing. They each need to step up to the plate (along with the rest of their party) and take a position. Changing where they stand on the markets doesn't help the markets in anyway; as evidenced by the current dilemma. If the Republicans were so committed to the free market principles they would have no problem walking away from Lehman Bros, Fannie May, and Freddie Mac. But for some reason they can't. They cannot follow their doctrine to its logical conclusion because they risk alienating themselves. They are so financially invested in these large companies who took advantage of deregulation, that in protecting the companies they can protect themselves. The very fact that such a widespread crisis occurred highlights the fact that those in control did not put country first, John McCain among them. You can either be for deregulation or your against it, but walking on the fence is counterproductive to both standpoints.

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3 Response(s) to The 700 Billion Dollar Concession

1
Anonymous
9/25/2008 3:51:41 PM CT

I am to old to live in a tent, I think they should pass it if it keeps us out of a Depression most of you do not know what its like to live on nothing and stand in bread lines, most of you just think that can not happen again. Bush and McCain sure fooled you dumm fools that vote for them and and who plan to vote for four more years we will realy be up sh-t creek if palin gets to run any thing
2
Montana
9/28/2008 4:03:55 AM CT

This is Bush & Co.'s last chance to stick it to the voters that never elected him and they are going for the gusto. If we ever wondered just how greedy greed in the Republican Party is, I think we now know without a doubt. My biggest problem with the bailout is it just feels like were "getting the bums rush" again just like we did with the Patriot Act, FISA, secret wiretapping of American citizens without warrants and the war in Iraq. Rushing into a decision because Congress is being stampeeded does NOT create good legislation. Haven't we had enough already from this lawless administration?
3
isobel
9/28/2008 8:22:31 PM CT

. . . it's their last hurrah! Stealing whatever isn't nailed down -- they got the gold from the WTC --truck loads of it -- it was observed! And they had the nerve to complain that the Clinton White House on its way out of the door -- stole the W off the computer keyboards and they are swanning out with seven hundred billion dollars! Its a heist of biblical proportions. Why do I want to go into gales of uncontrollable laughter!!!

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