9/21/08

Bush Plan: Nationalize Debt, No Oversights (*Update)

President's Bush's plan, and subsequently the GOP's plan, to bail out failed firms heavy burdened with debt is to nationalize the debt while offering no oversight protections to prevent this from happening again. In addition, the Republican President's plan does not include protections to individuals lending companies preyed upon and sold them unmanageable loans.

Favorite Bush Quote:

President Bush said he initially thought the government could deal with the crisis "one issue at time," but the risk of more trouble required bold action to save jobs and retirement accounts.

"I'm sure there are some of my friends out there saying, I thought this guy was a market guy; what happened to him?" Bush said at the White House.

The guy's delusional. Him and his party have sole responsibility for the mess we are in. Anyone that would accuse George Bush of being a market guy would have to be lacking a chromosome. To hammer my point again about socialism and the double standard, the article I link to has no mention of Bush's plan being socialist or any quotes from right wing think tanks calling the action a socialist endeavor. If Obama had proposed this plan, or if and when Obama comes out with a plan that places greater focus on helping individuals with managing bad debt, then the socialists blinders will come off.

*Update:

Larisa nails this one.

As I see it now, we have but two options and I have long alluded to hoping against hope that one of these options would not be the only one left to a peaceful people. The first and frankly most preferable option is for Congress to immediately begin impeachment proceedings against the members of this latest Business Plot.

No time needs to be wasted on hearings as we already now have in writing, formally as presented to Congress, the intentions of this administration to nullify Congressional powers permanently, to alter Judicial powers permanently, and to openly steal public funds using as blackmail the total collapse of the US economy if these powers are not handed over. You do see how this is blackmail, do you not? You do see how this is a manufactured crisis precisely designed to be used as blackmail, do you not?

Her and I have had discussions on this before. Where I use the word socialism (inaccurately I admit) she uses the word fascism to describe Bush's latest bailout. Though, I would argue my approach to labeling this as a form of socialism, or at least a contributing factor to the nationalization of the means of production, is still reasonable as to how it's used in the mainstream. However, Larisa uses the language of the bill which strips Congress of its Constitutional powers as proof that nationalism engulfs Bush's neoconservative government to the point where they believe only they can protect us. The question then acutely becomes will the Democratic controlled Congress cave to a president with a 25% approval rating who is by far the most unpopular president in modern American history. There's no reason why the Dems can't force this issue and level with the American people without being scared that they will be labeled as obstructionist terrorist sympathizers by Bush, Rove and Cheney.