The Confusing Crisis
The whole world economic system is beginning to quiver, as banks in Europe are now in trouble, and at least one, and maybe more have been taken over by the government in Britain. In the U.S., Wachovia Bank is now history, and has been taken over, as the stock price for shares in bank dropped under two bucks.
So, if you think about what's been going on, you'll really have to scratch your head.
We had a plan put forward by a Republican administration that was given more support by Democrats in the House of Representatives than by Republicans. Let me say this again, a Republican plan not supported by a majority of House Republican members. So what's this about?
Well, for one thing, neither political party is really A political party, but rather various groups bound together by some vague principles. After the Civil War, the Republican Party was flying high, and big business, ever mindful of where the power rests, came to be a big part of the Republican Party. They weren't going to become Democrats and not have power! Later, under progressive Republican president, Teddy Roosevelt, some elements of the GOP went after big business, and indeed, the title of "trust buster" was bestowed upon Roosevelt. After Roosevelt left office, the far less effective William Howard Taft was seen by Roosevelt as abandoning the progressivism of the GOP. In the next election, Democrats nominated Woodrow Wilson to run against Taft, but then Roosevelt entered the fray as a third party candidate, as head of the progressive Bullmoose Party. Wilson won the election and Taft finished a dismal third. This event left the GOP divided between progressives and conservative business interests. Fast forward to the Great Depression and Republican president, Herbert Hoover, tried to combat the downturn with a variety of measures, before finally turning away from his more progressive roots and returning to conservative orthodoxy of balanced budgets and higher taxes in a depression. In the next several elections, the GOP took a major hit, and many groups, including their most loyal constituency group, black Americans, bolted to the Democratic Party, with others moving to the status of independents. What was left of the GOP was still somewhat splintered and the struggle to control the party continued, with the conservative wing becoming dominant. Former Democrat Ronald Reagan's success within the GOP transformed the party into a solidly conservative party.
Fast forward again (Hey! I'm not trying to write a history book, here!) to circa 1980. The excesses of what came to be called "liberalism," brought a reaction from the country and the election of Reagan as president for two terms. Reagan seemed to be able to unite a resurgent Republican Party, and even more moderate and liberal Republicans liked him immensely. When Bush SR. became president, he was unable to hold the party together as Reagan had done, and social conservative, but economic populist, Pat Buchanan ran against Bush in the 1992 primaries, scarring Bush so badly that it contributed to his loss to Bill Clinton in the general election. Now Republicans were back to where they had been; a large economically conservative wing, and a more populist, but socially conservative wing, which contained many from the Religious Right. You've seen this split in the primaries of 2008, and certainly in this House vote on the bailout package. Not all Republicans favor big business, but I'd like to smack those who went along with this disastrous course set by the big business interests, free marketers, and free traders.
To many Democrats, I understand your desire to be bipartisan in your support of this plan, but you sold yourself to the Devil. You gave up your principles. To vote for a package that delivers money to big bankers and investors, the very people who have trampled on us for eight years (and more!), has me scratching my head. Let's see... give about a trillion... or so... hey, what's a few hundred billion between friends... to the top... it will trickle down... and... low and behold...average Americans might get ninety-nine cents!
We need money injected into the system far, far down from the top income people. They've been given just about everything they've wanted by the Bush Administration, including the business interests' plan to let foreign workers remain in the country. The "un-rich" now need to get the money and let's get this country back on its feet!
So, if you think about what's been going on, you'll really have to scratch your head.
We had a plan put forward by a Republican administration that was given more support by Democrats in the House of Representatives than by Republicans. Let me say this again, a Republican plan not supported by a majority of House Republican members. So what's this about?
Well, for one thing, neither political party is really A political party, but rather various groups bound together by some vague principles. After the Civil War, the Republican Party was flying high, and big business, ever mindful of where the power rests, came to be a big part of the Republican Party. They weren't going to become Democrats and not have power! Later, under progressive Republican president, Teddy Roosevelt, some elements of the GOP went after big business, and indeed, the title of "trust buster" was bestowed upon Roosevelt. After Roosevelt left office, the far less effective William Howard Taft was seen by Roosevelt as abandoning the progressivism of the GOP. In the next election, Democrats nominated Woodrow Wilson to run against Taft, but then Roosevelt entered the fray as a third party candidate, as head of the progressive Bullmoose Party. Wilson won the election and Taft finished a dismal third. This event left the GOP divided between progressives and conservative business interests. Fast forward to the Great Depression and Republican president, Herbert Hoover, tried to combat the downturn with a variety of measures, before finally turning away from his more progressive roots and returning to conservative orthodoxy of balanced budgets and higher taxes in a depression. In the next several elections, the GOP took a major hit, and many groups, including their most loyal constituency group, black Americans, bolted to the Democratic Party, with others moving to the status of independents. What was left of the GOP was still somewhat splintered and the struggle to control the party continued, with the conservative wing becoming dominant. Former Democrat Ronald Reagan's success within the GOP transformed the party into a solidly conservative party.
Fast forward again (Hey! I'm not trying to write a history book, here!) to circa 1980. The excesses of what came to be called "liberalism," brought a reaction from the country and the election of Reagan as president for two terms. Reagan seemed to be able to unite a resurgent Republican Party, and even more moderate and liberal Republicans liked him immensely. When Bush SR. became president, he was unable to hold the party together as Reagan had done, and social conservative, but economic populist, Pat Buchanan ran against Bush in the 1992 primaries, scarring Bush so badly that it contributed to his loss to Bill Clinton in the general election. Now Republicans were back to where they had been; a large economically conservative wing, and a more populist, but socially conservative wing, which contained many from the Religious Right. You've seen this split in the primaries of 2008, and certainly in this House vote on the bailout package. Not all Republicans favor big business, but I'd like to smack those who went along with this disastrous course set by the big business interests, free marketers, and free traders.
To many Democrats, I understand your desire to be bipartisan in your support of this plan, but you sold yourself to the Devil. You gave up your principles. To vote for a package that delivers money to big bankers and investors, the very people who have trampled on us for eight years (and more!), has me scratching my head. Let's see... give about a trillion... or so... hey, what's a few hundred billion between friends... to the top... it will trickle down... and... low and behold...average Americans might get ninety-nine cents!
We need money injected into the system far, far down from the top income people. They've been given just about everything they've wanted by the Bush Administration, including the business interests' plan to let foreign workers remain in the country. The "un-rich" now need to get the money and let's get this country back on its feet!
Labels: bailout, Bush Administration, financial crisis, Republicans
posted by Randy at 4:38 PM
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