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Kingson

Why do Republicans support government bailouts? Can't the free market do its job?

Lester:

I don't think Republicans do support bailouts. Only neocons. Democrats don;t really support bailouts, per se, but rather stronger regulation so that it doesn't come to that.

Democrats: we want to regualte you so that we don't have to rescue you.

Republicans: you're on your own for good and bad.

Neocons: we'll do whatever it takes to maximize private profit and public loses.

Ze'_Enigma of Dissidence..!!!:

I don't believe Treasury Secretary Henry Paulson is a Neo-Con. He is the spokesman for the administration and his recent statements and proposals to intervene in the market place wouldn't have been approved without the blessing of the White House advisors.
http://www.cnn.com/2008/US/03/28/financial.oversight/index.html

Mac....Of Moot and Mac:

This one doesn't....let freddie and fannie fail....let any business that can't stay in business go under....It's just corporate welfare............

Ze'_Enigma of Dissidence..!!!:

I dont think the Bear Stearns decision was the way to go. I agree it may look like corporatie welfare but it is a distinct violation of conservative economic principles. Bear Stearns traded in the market itself, speculating that its purchases of subprime adjustable rate mortgages would yield huge profits, unlike most corporations that are not in the financial markets but produce products in a competitive market. That's definitely interference with the free market.
However. I do applaud the administrations move to support the "Macs." These two corporations were initially products of the "New Deal" and like other legislation such as Social Security that grew out of the Great Depression have become an important part of the underpinnings of our nation's economy. Unfortunately, Republican administrations have tinkered with and neglected government responsibilities for oversight that have resulted in huge failures, specifically in housing. In the 80s we experienced the collapse of the Savings and Loans Banks, principle suppliers of home mortgages. Now the same thing has happened as a result of the current administrations lack of oversight.
Think about the consequences if no action was taken. Residential real estate prices would plummet. Since the largest single measure of individual wealth in our nation is home ownership, choas would follow like a domino effect with the drop in equity. Local governments would see dramatic losses in revenues from property taxes. As a result the move by the Fed and Treasury are pragmatic rather than political. I only wish the administration would have been more pragmatic about other things -- like the growing budget deficits crested by the Iraq war that have resulted in a deeper national debt and pushing the burden and responsibility to pay for the war on future administrations.

Dollar brand:

It really doesn't matter who support it, the government has to do what it needs to do to make it work again.

Ze'_Enigma of Dissidence..!!!:

I agree. But this administration failed to do initially what it is supposed to do ... provide direct oversight to pactices of the mortgage and financial markets. I can assure you that when the bubble burst in the energy market we'll have another round of financial chaos for lack of administration oversight.

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