Since I’m fairly certain that the next 4 or 5 days will be spent ripping the McCain campaign to shreds over their “ultra-negative” campaign strategy, let’s take one more stab at actual issues.
Remember that whole 700 billion dollar bailout thing that was such a popular topic of discussion back in the olden days (you know… last week?) ? Looks like it wasn’t all that urgent after all. In fact, some of the more vocal opponents of the bailout happen to work in the financial industry.
The Washington Post ran a story about how smaller financial institutions were thriving in the current economy. It seems that they aren’t too thrilled that government is stepping in to bail out “Mega Banks” that were too bloated and heavy to compete in the marketplace. Government appears to be rewarding bad decision making if the bad decisions are colossal and stupid enough to do real damage rather than letting the risk takers deal with the risks involved in business at that level. “Privatize the reward and socialize the risk” seems to be the mantra of the day among ‘Conservatives’ in Washington and on Wall Street.
As if that wasn’t bad enough, it seems that the banks would rather “handle it themselves” instead of accepting a government bailout with all of that “mean, nasty regulation” attached to it. Wall Street fatcats would rather suffer than accept a bailout package if it means giving up their multi-million dollar bonus plans. If you still requrie proof that the bailout was a “holdup” orchestrated by Wall Street robber barons and their willing accomplices in Washington, look no further.
Both Senators McCain and Obama voted for this bill, however McCain’s history with Savings and Loan scandals, combined with his penchant for deregulation at all costs puts him squarely on the wrong side of this issue. Obama doesn’t have much of a history on regulatory issues, but what little history there is, is generally positive.
Post a Comment