Republicans always complain about government involvement and regulation. Today's financial crisis is a product of a philosophy the Republicans embrace, even today - get government off the backs of businesses. It may even be a defensible philosophy - if government did not have to step in now. I wish McCain and the Republicans would have the courage of their convictions and denounce any government bailouts and say this is the natural functioning of the free market economy they champion so much. Tell the truth - this is part of the free market. And, in the words of Phil Gramm, the American People should stop whining. At least then we could respect their honesty.
Imagine what the Republican reaction would have been if say, 3 years ago, a Democrat would have proposed this:
As venerable American financial institutions topple like dominoes, the concept of “too big to fail” is being sorely tested. Bear Stearns gets help. Lehman Brothers does not. The Federal Reserve and the Treasury Department are acting like insurance claims adjusters, selectively providing assistance when a company’s failure seems too much for the financial markets to withstand.
Why not make investment banks and other companies pay premiums for this catastrophic risk insurance? The government already provides flood, bank and crop insurance. Unlike participants in those programs, however, the companies that qualify for “too big to fail” insurance do not pay for the privilege.
The chances of Republicans supporting this would be a negative 100. And yet, this government bailout is not being attacked. Why? Because Republicans are hypocrites, that's why. In the end, they do not believe in the free market capitalism they claim to espouse. But make no mistake, as Bill Clinton said at the Democratic Convention:
[O]n the two great questions of this election -- how to rebuild the American dream and how to restore America's leadership in the world -- [John McCain] still embraces the extreme philosophy that has defined his party for more than 25 years.
it's a philosophy the American people never actually had a chance to see in action fully until 2001, when the Republicans finally gained control of both the White House and the Congress.
Then we saw what would happen to America if the policies they had talked about for decades actually were implemented. And look what happened.
They took us from record surpluses to an exploding debt; from over 22 million new jobs to just 5 million; from increasing working families' incomes to nearly $7,500 a year to a decline of more than $2,000 a year; from almost 8 million Americans lifted out of poverty to more than 5.5 million driven into poverty; and millions more losing their health insurance.
Now, in spite of all this evidence, their candidate is actually promising more of the same. Think about it: more tax cuts for the wealthiest Americans that will swell the deficit, increase inequality, and weaken the economy; more Band-Aids for health care that will enrich insurance companies, impoverish families, and increase the number of uninsured; more going it alone in the world, instead of building the shared responsibilities and shared opportunities necessary to advance our security and restore our influence.
They actually want us to reward them for the last eight years by giving them four more. Now, let's send them a message that will echo from the Rockies all across America, a simple message: Thanks, but no thanks.
Today's financial crisis is a part of the Republican record and a result of the Republican philosophy. Honest Republicans would defend it and tell us why it is good for the country.
By Big Tent Democrat, speaking for me only