Now that the Fed has chopped interest rates (and will chop again, not that it's going to translate into lower rates for consumers) and they pumped $200 billion into Wall Street, I'd like to know where exactly the so-called free market/industry self-regulate people are. Where are they? They're all at the front of the bloody line calling for more handouts. When Democrats ask for money for SCHIP or food money for the poor or unemployment extensions, all we hear is about cost. What is the matter with Democrats? Is it so hard to scream and yell like the GOP? Why are they so silent on this bailout? Even the homeowner bailout is a pittance compared to the Wall Street bailout.
To show you what frauds the Republicans are, look at how we raised a $200 billion "loan" that uses the garbage subprime papers that nobody in their right mind wants anyway. Debate? Hell no. Just "poof" out of the blue sky, here's a bailout and a healthy loan to Wall Street, which won't be enough anyway. How is it that the "free market" crowd is suddenly nowhere to be found during this crisis? It's the McCain economic team that put all of this into place, so where is he now? Where's the outrage? And for the conspiracy theorists take note that the Spitzer story just happened to take the spotlight away from a very important event this week.
The banking system that is tumbling was designed and built together with the GOP. They can sit silent but they own this. McCain and his friends own this. This is what they wanted and there is no reason why US taxpayers ought to keep funding their mistakes. Shouldn't we treat Wall Street the way Wall Street and the GOP treat America's poor? Let them pick themselves up with their own bootstraps. Let them dig themselves out of the hole they dug form themselves. We can't afford a war plus a tanking economy plus a bailout for Wall Street. If that means the market will decided (as they always prefer) then so be it. Don't come crying and asking for cash now that the system they wanted is failing. Tough luck.
