NPR's Peter Overby reports that the $700 billion bailout bill the Senate passed contains all kinds of tax breaks to make it more palatable to Main Street. But:
As Congress enacts this rescue for Wall Street, it is helping the rest of America with the tax breaks. It just skipped the step of making up for that lost revenue.
Yes, Congress, just keep right on digging the nation into a deep hole. Pretty soon, we're going to reach China.
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It would if you were suffering a massive heart attack and an EMT appeared on the scene.
Not if it were a well known fact that quack EMT's were running around killing people either through malice or incompetence.
Why do we need to keep these incompetent, greedy and stupid firms alive? Let them fail, if I start a business and I do stupid, greedy and incompetent things I will go out of business, and nobody will try to bail me out. Why do we have socialism for the rich and not for the poor or middle class? If socialism is such a good thing for the rich, I want some of it, too (and not just the bill for it). And don't try the 'too big to fail' line, if they are too big to fail they are too big to allow their continued existence, particularly since this "rescue" is going to result in even fewer, but much larger, firms. At the very least, if they are 'too big to fail', make splitting them up into smaller firms, ones that aren't too big to fail, a condition of getting aid.
And no, its not that serious, and even it was, since you are so fond of medical analogies, "first do no harm".
Larry, you're a piece of work. God love you.
"Regardless of who you choose as avatar for your preferred ideology, they are all players, and they are more interested in the Game than in any attention to the crisis and its root causes. Rod is expressing his observation of the game. Criticize his opinions and/or conclusions (as I do), but at least acknowledge that the observations are needed." Franklin Evans
Hi, Franklin. If by their interest in the "Game" you mean they place their self interest (staying in office) over any attention to the root causes (their own vote-buying Socialist legislation which critically hampers our economy's underpinning--the free market), I would agree with you.
As to my criticism of Rod's observation that our fearless legislators just can't help themselves (while he constantly and almost gratuitously snipes at Palin, the opponent of such Congressional pathology), I have to respectfully disagree that I should at least acknowledge that Rod's observation is needed. Some things, my friend, are so painfully self-evident that the manner of "observation" of them can take on a partisan or hypocritical flavor.
Per Steve: "Under Palin Alaska still asks for and receives more earmarks per capita than any other state. Less than her predecessor, more than anyone else."
Per capita, Steve? Only 683,478 people live in Alaska, many of whom are Indians, Eskimos and Inuits who receive Federal and State assistance. I'm sure you merely forgot that.
I'm sure you also forgot to mention this:
"Alaska's earmarks decline under Palin
Friday, September 05, 2008
Erika Bolstad
McClatchy Newspapers
"One thing is clear: Palin has increasingly distanced herself from earmarking since she made her first trip to Washington to lobby Congress for money in 2000. And over the past year, her stance has been the leading source of tension between Palin and the state's three-member congressional delegation."
I said Obama is a Socialist. You replied, "I am confused. Paulson is a Democrat? Bernanke is a Democrat? Bush is a Democrat?"
Well, you tell me; Bernanke voted for John Kerry, according to Yahoo Answers.
"Paulson was officially sworn in at a ceremony held at the Treasury Department on the morning of July 10, 2006. Paulson was a controversial nominee, especially among Republicans due to his previous associations with the Democratic party.
Paulson's three immediate predecessors as CEO of Goldman Sachs — Jon Corzine, Stephen Friedman, and Robert Rubin." Wikipedia
And President Bush's social policies, of course, are more Democrat than Republican.
So why are you confused, Steve?
Now I hear on the radio (NPR, I'm not a complete Neandertal) that it will take "several weeks" before Paulson actually starts buying these securities that would be the death of us all if they remained in private hands. Now that they have their hands on the money it appears that the emergency has passed. All of you "economists" out there who managed to stampede people in and out of Congress into supporting this steaming heap, good work. For your effort in supporting the cause, your chains will be made lighter.
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