The US Government does regulate this industry. If good news were being reported the encore would go to Barney Frank, Chairman of the Financial Services Committee. Although getting into this fine mess required the help of both political parties, the industry itself and Greenspan himself. Despite the bad advice given to people who purchased a home they could not afford, they are not free from the errors they made. Those invovled who really are only victoms are those who purchased a home they could afford then the price fell and they owed more than the value of the home; They dumped money in and got nothing.
- Rep. Barney Frank, earlier this month.
Now this massive redistribution of wealth will first land on the US national debt, to be paid off by as of yet unborn children. Is this the correct solution, or should the wealth of those who took the risk be taken away; Or is the wealth of these financial companies really owed to them by average tax payers?
BlogScan
- Stop the ACLU
- Video: Explaining How the Financial Crisis Happened
This video sums up how the Freddie Mac and Fannie Mae crisis happened in a pretty fair manner.
- Christianity Lived Out
- Bailout Opinions from Around the Web
Walter Williams has a very good column about the bailouts
OneMom writes a great post about the ease with which the government can suck 700 billion from our pockets.
JR at A Keyboard and a .45 laments the insanity of it all.
Even the NY Times has a decent piece by Paul Kugman.
Matt at Search for Freedom has a post about how neither Obama or McCain is handling the situation well. - Burning Babylon
- Bailout: It’s all part of the New International Economic Order
According to a recent Rasmussen Reports survey, 28% of Americans support the banker bailout plan and another 35% are not sure what to think. “Adding weight to the large number of undecideds is the finding that 82% of Americans are following the bailout story, including 44% who say they are following it very closely. Sixty-five percent (65%) say they are at least somewhat confident they understand the reasons why the plan is being proposed.”
- The Political Animal
- Franken and Coleman spar on bailout
This morning, Democratic Senate candidate Al Franken laid out for reporters his six principles that should be in a bailout package. This afternoon, Republican Sen. Norm Coleman talked to reporters about his principles.
- Michell Malkin
- Kill the bailout: Newt Gingrich gets on board
I said it yesterday. Newt Gingrich said it today. Hans Bader sums it up succinctly: The Bush/Paulson bailout is “Inflationary, Unnecessary, and Unconstitutional.” Yes, it’s time for ideological purity. Kill it.
- Human Events
- Republican Study Committee Releases Alternative to Bailout Proposal
The Republican Study Committee has released an alternative to the Treasury Department's bailout proposal and will discuss the proposal at a press conference today. Conservatives have expressed concern that the Treasury's proposal will alter the country's free-market system, awards massive authority to the Treasury, and fails to penalize debtholders and shareholders. Here is the committee's free-market alternative as released this morning:
- Bible Prophecy In the News
- US On Brink of Financial Meltdown?
Last Thursday, the top economic policymakers in the United States told congressional leaders that the financial system was only days away from a catastrophic failure — and that the only hope was an immediate, massive government bailout. Congress agreed in principle, buoying financial markets. But five days later, the specifics of the rescue legislation remain undecided. Two of yesterday’s market events — a 372-point drop in the Dow Jones industrial average and a $16-per-barrel jump in the price of oil — show just how rapidly the clock is ticking.
- ChristianityToday
- Dave Ramsey's take on the bailout
Treasury Secretary Henry Paulson received a skeptical reception today when he appeared before senators, asking to grant him authority to rescue the country's financial system, The New York Times writes. The administration has proposed a $700 billion plan to buy up and hopefully resell troubled mortgage-backed securities.
- One Salient Oversight
- Tax increase plan must follow Bailout
I'm personally not interested in the finer points of the Paulson bailout plan. Whether it is an undemocratic grab for power or some sort of corporate welfare is really not the issue for me. I reluctantly agree that some sort of bailout is necessary, but I am no real supporter of Paulson and Bernanke, nor the financial system that got itself into this mess in the first place. Without some sort of relief, the US credit system would seize up and, although this is somewhat deserved, the collatoral damage for the rest of the economy would be too high.
- The American Sentinel
- Dems Blame Bush For Deregulation: Just Another Day Of Astounding Liberal Hypocrisy
So Sen. Charles Schumer is the latest partisan Democrat ideologue to take yet another wild roundhouse swing at the Bush Administration and Republicans over the housing finance market meltdown. But in this case, it would have served Schumer to recognize that when you point a finger at someone else, there are three fingers pointing back at you.
- HotAir
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- Harry Reid: McCain’s voting for the bailout
- Gingrich: Kill the Paulson bailout plan; Update: Reid to GOP: Vote with us or we won’t pass it; Update: 57% support bailout, says Pew
- Video: Who’s responsible for the Fannie and Freddie mess? Update: FBI launches investigation
- Opposing the bailout plan — from the Right
- Harry Reid: McCain’s voting for the bailout