The former Speaker, talking to reporters at a lunch, added that he expects Democratic presidential candidate Sen. Barack Obama (Ill.) to back the plan. He predicted that, if Republican presidential candidate Sen. John McCain (Ariz.) ends up opposing the administration proposal, there will be an overnight “emergence of a McCain/reform wing of the Republican Party.” The Hill
Gingrich is right. He may back down, but he got it right in these statements. Paulson and Bernancke are trying to "bulldoze" the Congress and citizenry into accepting this plan. They are doing it in just the same way that the Bush Administration "bulldozed" the people and the Congress into both the Patriot Act and war against Iraq. The broadcast media are cooperating in this.
Well… There wasn’t any Iraqi nuclear program left. There was no cooperative relationship between Saddam’s wretched government and al-Qa’ida. There will be no "end of days" if Wall street is left to stew in its own broth.
Our friend, "WP," wrote to suggest an alternative way of dealing with the present economic crisis. He writes that, at root, the crisis rests on the issue of defaulted and soon to be defaulted mortgages, mortgages that for the most part should not have existed. Bad credit card debt is another big piece of the problem. The huge structure of bubble debt created by unlimited trading of derivatives rests on consumer defaults. "WP" suggests directly funding the consumers so that they can pay their debts.
Let the rest "Go South." The worthwhile bits of the companies will be bought by other firms. The death of the rest will serve as an example for the foolish and greedy.
American society in recent years has moved steadily in the direction of becoming one in which there are two classes, "les nobles," and everyone else. That process will be slowed up for a few years by this disaster if the American taxpayer refuses to fund the nobles’ grandchildren’s trust funds. pl