Friday, September 26, 2008
Shock Doctrine???
Several House and Senate Republicans apparently are of the opinion that Treasury Secretary Hank Paulson's proposal to bail the country out of its current financial crisis is not draconian enough. These Republicans want LESS regulation, believing (incredibly) that market forces will do the right thing! Time and time again, market forces have failed to do the right thing, resulting in successive financial calamities. Methinks that these GOP hardliners are actually disciples of Milton Friedman and the Chicago School of Economics. These yahoos want to see the whole system collapse so that they can institute an Ayn Rand-style unregulated economy upon the landscape. A lack of regulations lead to a series of recessions culminating in the Great Depression. De-regulation of the Depression-era reforms has lead to the current fiscal crisis. Ayn Rand was wrong and her Libertarian followers are wrong also. More regulation is needed.
Subscribe to:
Post Comments (Atom)
3 comments:
Which Republicans are you reading? Some Republicans want to do more than the Democrats to resist what Bush & Paulson are trying to force through to lay the whole burden on us without any oversight whatsoever. I say they created the mess; let them pay for the damage. They're the ones with the money.
To wit:
A letter from Minority Leader John Boehner, R-Ohio, to House Speaker Nancy Pelosi, D-California, outlined the economic rescue principles that the working group came up with and asked that the House give them "serious consideration." It called for Wall Street to pay for the recovery by injecting private capital -- not taxpayer dollars -- into the financial markets.
Easing tax laws would prompt investors to put in their own dollars, they said.
The plan also calls for participating firms to disclose the value of the mortgage assets on their books, an end to Fannie Mae and Freddie Mac's securing "unsound mortgages," a review of the performance of the credit rating agencies and audits by the Securities and Exchange Commission of failed companies to ensure their financial standing was accurately portrayed.
Better check again on who was supposed to be watching the store and enforcing the "regulations". I think it is Barney Frank and Chris Dudd. Also Franklin Reines is nicely enshrined in Obama's campaign. How much of the $100 million he stole from Fannie Mae is Obama getting??
Very brilliant strategy by Frank and the DEms to force banks to give mortgages to illegals and others who didn't even have jobs, so they could have a house. How nice...
Talkback: you missed my point - certain GOPers want the current system totally removed so that they can implement a new era of unregulated free-market hooliganism such as existed prior to the Great Depression. I am venting about a larger issue, the desire of the Chicago Boys to apply the Shock Doctrine to this current situation.
Swill2: Your comments are typical Bill O'Reilly-Rush Limbaugh-Sean Hannity recitation of of right-wing talking points. Try some deeper analysis beyond blaming Democrats for what Republicans have done.
Post a Comment