Posted by
Marked in Pgh on Friday, September 26, 2008 1:20:14 PM
Again, the conservative Republicans in the House are doing the right thing. They're holding out against the idiotic hysteria of the moment and the full court press of the Democrat leadership. The sub prime fiasco has been a long time in coming to its disastrous culmination for it to be decided so decisivley in favor of those who created it.
It is time for more sober, and logical people to speak, even if they are the minority in the Democrat controlled Congress. There was no agreement yesterday, no bipartisan suicide pact. In truth, the Democrats do not need the Republicans at all to pass the bailout of something of their own creation; unless it was an example of C.T.A. for the guilt laden Democrats. Let them hang themselves. But the Democrats are not known for their bravery when having to admit they are wrong. Their need for Republican cover is glaring and should not be given.
Instead, the Republican conservatives in the House need to demand a smaller, less introsive bill based only on the mortgages in default without the lower, mark to market estimations contributing to the bloated 700 billion dollars price tag. At the same time they need to lay the blame on the Democrat leadership and demand the FBI focus their investigation on them.
As the bill was originally structured, Congress would end up with buying up far more good mortgages than bad for that 700 billion dollars (paid by the taxpayers). They can eventually turn around and could realize a profit of over 1 trillion dollars when they sell the paper they had escorted back to the private sector. All of this brought about by nationalizing a sizeable chunk of the financial market. You see, socialism works, when you are the government and can do it over and over again to cover up for the problems you create; in this case to satisfy moronic assumptions of political correctness. The other suggestion of the government to buy up stock (whether in first or second position) in the same financial institutions, at present bargain basement prices, constitutes another form of nationalization and would also set the same dangerous models for later raids on the private sector.
Stand your ground, conservatives, demand the FBI investigate the Democrats, call your congressmen and senators as we did in the Immigration Reform Bill, while supporting the Republican conservatives in the House. Remember, it's the Stupid Congress, again. Even McCain eventually listened to and learned form us and went to Washington this week to fight against something he saw coming years ago.