Tuesday, November 25, 2008

Still Waiting For My Sliver From The Bail Out

This just in:
Federal officials today announced $800 billion in new actions to try to ease the financial crisis, including a $200-billion program to help loosen lending to consumers for auto purchases, student loans and credit cards -- the government's first major venture into a vast sector of the lending world.
Well, so what? Do I want the ability to borrow more money? No thank you.

Where are they getting all the money to do this? Seems like a tax poised to roll for our grandchildren when the balance comes due. I thought the Republican party was the party of no new taxes and smaller government. What happened?

6 comments:

Anonymous said...

What happend is we have a democrat majority congress. Or are they only significant when it suits you.
Lisa

windspike said...

Lisa,

Last I checked, it was George Bush's administration pushing these efforts. Or should we ignore it was his administration that got us to where we are today?

Anonymous said...

Oh yes go ahead and blame big business who without this country would never had prospered and played a vital role in buliding America. Now what you want us all to work for the government and answer to who? The government? No thanks. And I suppose it was all Bush who pushed for giving mortgages to people who had no chance of ever paying back those loans? Right that was all Bush.
Lisa
I'd like to hear you spin Obama's hiring of Volker? Was that because of his failures during the Carter admin or the successes of the Regan Admin? If he does well I bet the left will reference him to Carter and not Regan.
I can't wait to read this one.

windspike said...

Lisa,

Can you say deregulation?

Anonymous said...

WS Can you say Fannie, Freddie and Barney Frank?
Lisa

Anonymous said...


News from the Senate Banking Committee, Sen. Phil Gramm, Chairman

The Financial Services Modernization Act

11/04/99 - Gramm Closing Floor Statement on Gramm-Leach-Bliley Act of 1999

"Ultimately, the final judge of the bill is history. Ultimately, as you look at the bill, you have to ask yourself, Will people in the future be trying to repeal it, as we are here today trying to repeal--and hopefully repealing--Glass-Steagall? I think the answer will be no. I think it will be no because we are doing something very different from Glass-Steagall. Glass-Steagall, in the midst of the Great Depression, thought Government was the answer. In this period of economic growth and prosperity, we believe freedom is the answer.

"This is a deregulatory bill. I believe that is going to be the wave of the future. Although this bill will be changed many times, and changed dramatically as we expand freedom and opportunity, I do not believe it will be repealed. It sets the foundation for the future, and that will be the test."

Phil Gramm, Republican economic adviser to Senator John McCain.