When an election campaign coincides with both a crisis on Wall Street and soaring home foreclosures across the country, the traditional ideological battles over “more government” or “less government” become blurred.
Senator Barack Obama and Senator Hillary Rodham Clinton, the Democratic candidates for president, claim to have proposed a more activist role for government than either President Bush or the likely Republican presidential nominee, Senator John McCain, and the Democratic rhetoric makes the contrast appear even sharper.
But while their philosophies might seem starkly different, in reality both parties have come to the conclusion that major government involvement is needed to rescue the financial and housing markets.
The ideological clashes are less about whether the government should intervene in the economy, and more about whom it should try to rescue...
...For now, the parties seem to be worlds apart. This week, the two Democratic presidential contenders seized on the deepening economic crisis and proposed broad government rescue plans for homeowners that would each cost about $30 billion.
The Bush administration dismissed such ideas as bailouts and vowed to veto even modest Democratic bills to help homeowners. Mr. McCain asserted this week that “it is not the duty of government to bail out and reward those who act irresponsibly.”
In practice, the Democrats have not really had to confront the full fury and magnitude of the crisis. Measured in dollars, their biggest proposals are small compared with the hundreds of billions of dollars that the Federal Reserve has decided to lend to struggling institutions, and compared with the magnitude of losses in home values and defaulted mortgages.
Mr. McCain and the Bush administration, meanwhile, have staunchly supported one of the biggest government interventions in the last century: the Federal Reserve’s decision to lend as much as $400 billion at rock-bottom rates to banks and Wall Street firms... [emphasis added]
Inserted from <NY Times>
When shown proposals from Clinton and Obama, McConJob's response was, "tax and spend liberals". Lets compare the numbers here. How is it responsible to spend $400 billion bailing out the culprits responsible for this crisis, but unreasonable to spend $30 billion (only 7.5% of the $400 billion figure) assisting the people victimized by those culprits? Bush, McConJob and the GOP are engaged in class warfare against the majority of Americans.
Keith Olbermann and Rachael Maddow point out the hypocdrisy quite well.
6 opinions:
But if we don't help them, then who will create jobs? And speaking of creating jobs, Paulson says those stimulus checks will add half a million jobs this year.
I'm a big fan of Olbermann. (And I like his hard-hitting commentaries, which faded from TV, leaving a vacuum.)
Yeah, let's save Bear Stearns while the average joe goes under. Geez. How Republican can ya get?
But what does McCain actually know??!! He admits he doesn't know economics, he can't get sects right, and he claims we're on the right path in Iraq. The surge has always been doomed. We don't understand the mindset of the region after all this time. We could have stability for a decade (unlikely) but as soon as we leave, the region is going to go its own way, like liquid conforming to the shape of a container.
I am afraid that none of their plans ll work because not a one of them realize how deep this manufactured crisis is.
i am extremely unique n that i do not owe a penny on anything. I saw this coming and am prepared.
Most fell for the manufactured BS at the economy was on fire and would stay that way and thus fell for that line and put themselves in debt to the gills in much, much more than just their house.
I will refrain from saying a lot of people argoing down but quite a few are in for a world of hurt.
We just paid for 200 gallons of oil. That is almost $800 for about a month. That is enough hurt for me. Absolutely 100% everything will get much worse!
Where the hell is McCon's left hand going, in that picture with his Daddy?:)
It's The Silly Season. And Everybody is going to be silly if they're a politician. As well as some Democrats, who will vote for McCon if Obblahma doesn't get the nod.
McCavein has been a tool of his paymasters for decades. There isn't a thing surprising about this.
Randal, the question is this: where in China will the jobs be created?
I am too, Billy. I also agree. Same Reich; new Fuhrer.
Jim, the worst is indeed yet to come. I owe on one credit card, and that only to procure medical care when absolutely necessary.
TUA, W loves McConJob, because Cheney won't let W be the top, and Condi insists on wearing a strap-on. ;-)
JR, while that may be completely obvious to you and I, there are millions in this nation to whom it is not. Thus we must repeat again and again and again.
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