Socialism bails out capitalism!

Does that mean socialism was the better choice from the start?

          

by Jack E. Lohman

Economics is not my expertise. Part of me says bail them out, for a price, and another part says we need this correction. I’m not smart enough to know how the rest of the cookie will crumble, yet I don’t trust the politicians that let it get this far and are now touting the solution.

The D’s are as bad as the R’s. They pushed to weaken finance terms to people that couldn’t afford the debt, and the R’s were right behind them.  The R’s pushed for repeal of banking regulations, and the Dems were behind them. Then they both watched the industry load on with adjustable rate morgages to drive the buyer’s house payments throug the roof. The rest is history, here’s how the Senate and House voted.

None of this bailout would have happened under an honest political system. I wish that politicians were not on the payroll of the banking and credit industries, but they are. Now our capitalism is threatened.

We have but one major problem in the US government: Political corruption. John McCain gets it, Barack Obama doesn’t. McCain and Feingold fought to limit campaign dollars in Congress, though Mitch McConnell and Tom DeLay fought back. It’s no wonder, because campaign cash helps fuel the 95% re-election rate that politicians covet.

Obama’s answer? To turn down public funding of his campaign.

Not to be forgotten are the fat cats that walked away with $50-100 million per year salaries. They must be really proud, taking a bigger piece of our GDP, sending jobs overseas, whatever they could get by with. Hopefully they will get theirs in the end, though my “values” friends will disagree.

The important thing is not how the candidates did in the debates, and not the rhetoric they spew. What really matters is, if elected, how they perform in office. This is McCain’s last hurrah, and he wants to leave a good legacy. Once elected he will not bend to the right-wingers, and I think they know it.

I remain 55-45 in favor of McCain, though I know my vote will not matter. Obama has a lock on Wisconsin and likely the rest of the states as well. And I’m stuck with Sensenbrenner.

The rest of the House and some in the Senate are up for grabs, and that’s what will matter moving forward. Let’s hope the rest of the country gets rid of the rascals.

8 Responses to Socialism bails out capitalism!

  1. And it should be noted that Goldman Sachs’ stock has actually benefited from the recent bailout. That Henry Paulson and 3 of the four members of his bailout team are former GS CEOs or executives, I’m sure, plays no part in the result.

  2. John P says:

    Jack:

    I agree with you 100%. This bailout is pure socialism. We should not be doing this. I am disgusted that my Rep. Ryan voted for this, along with McCain and the rest of the R’s. It was the Dems that started this mess with the Freddie/Frannie mess. This was the root of the problem that we are in now. Now the R’s do have some blame, but some of the D’s like Barney Frank, Chris Dodd should be in jail. Do not even get me started on Obama

  3. Actually, John, they should all be in jail. Anybody who takes campaign money and then votes for a bill ought to be locked up. And that means all of them, at one time or another.

    I was surprised that Sensenbrenner voted against it, as did Feingold. This was a bipartisan case of bribery sprinkled with large doses of deregulation. I wish I knew what was right, but my gut tells me that if campaign money were not in the equation we’d have that answer.

    But also remember that the Freddie/Fannie deregulation was sponsored by McCain’s buddy Phil Gramm.

  4. Henry Dubb says:

    Lets not forget that 12 members of the Congressional Black Caucus – including Jackson – voted no, but after intense pressure and calls from Obama they voted yes the second time. This bailout is no longer Bush’s, Obama owns it now.

  5. Jack:

    McCain gets public and private financing – a sweet deal for him.

    Obama turned down the $85 million in public financing because it would have left him at a huge disadvantage. The RNC is paying for the sleazy ads McCain is running in Ohio right now, probably in Wisconsin as well. The RNC has almost twice as much dough as the DNC. The RNC can spend as much as it wants on McCain’s campaign to make sure the Republicans continue to control the Supreme Court, the military, and the Treasury. They’ll pull out all the stops and stop at nothing to hang on to that power.

    Go to OpenSecrets.org for a comparison of RNC and DNC funding.
    http://www.opensecrets.org/parties/index.php

    Here’s McCain’s Legacy: “Bomb, bomb, bomb…bomb, bomb, Iran.”

  6. Watch this video of Bernie Sanders… He has the answer, but he has only one in his party. (Thanks to Henry Dubb)

    And John, I don’t agree with everything McCain says or does, but the one thing he promises today is vital to our survival, and that’s getting the money out of the political system. That is paramount.

  7. And John, let me also add that even if McCain is elected, Supreme Court judges have to get through congress. And if McCain is elected he’ll sign a bill for public funding of campaigns, and it won’t matter how much the DNC/RNC collects and spends in the future.

  8. Henry Dubb says:

    I have also began a new page called Economic Populists which link directly to the candidates contribution sites. While most of the duopoly seems crooked through and through, there were economic patriots to emerge out of this bailout.

    http://proletariat.wordpress.com/economic-populists/

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