Saturday, May 1, 2010

Republicans pick Wall Street over free markets

Republican leaders have proven the Democrats right: The GOP's teeth gnashing about "permanent bailouts" was cynical populist showmanship -- and Republicans can't pull off that act as well as President Obama. By proposing a financial reform bill that is mostly identical to the one proposed by Sen. Chris Dodd, D-Conn., Republicans have passed up an opportunity to simultaneously appeal to their base, by returning to their alleged principles of limited government, and appeal to much of the middle, by waging a populist battle against Wall Street's corporate-welfare queens who panhandle on Capitol Hill. Republicans favoring limited government over a "pro-Wall Street" policy would have been out of character, to be sure, but events were conspiring to make such a free-market populist stance possible. For one thing, the bankers had already abandoned the GOP. Wall Street was even longer on the Democrats in 2008 and 2009 than it had been on mortgage-backed securities in 2005 and 2006. You wouldn't know this reading most newspapers, but Obama raised more money from Wall Street than any candidate in history, and more money from Goldman Sachs than every Republican running for president, House, and Senate, combined...more

Read more at the Washington Examiner:

1 comment:

  1. Roughly 100 million Americans have effective 401(k) or equal plans that provide monthly income from the time they retire until they die. And, what is left goes to their heirs.

    These plans are funded with stocks and bonds of mostly US corporations. In other words after working for 30 to 40 years and putting some money away in one of these plans a working American becomes a part owner of America. And, that ownership provides income during retirement.
    No other economic system in the world provides for the elderly as our Captilistic, free market economy.
    However, this system is threatened by:
    Over taxation at all levels,
    Over regulation at all levels,
    Gov't. policies that choke productivity & profitability,
    A defective educational system,
    An energy policy that causes energy prices at the pump or the switch to reduce productivity/profitability,
    Capitalism has worked wonders for 200+ years. Improve on a working system don't throw out the baby with the bath water to impose Collectivism, Socialism or any other failed gov't/economic experiment.