Sunday, September 21, 2008

Trust Bush? Are you kidding?

The Bush Administration is asking congress for powers of a dictator to fix the economy. No one knows if the new rules will work. But Bush wants immunity from the courts in case the unprecedented governmental intrusion into Wall Street fails.(click here.)

Trust Bush? With absolute power? Reward his banking buddies' bad behavior with a trillion dollar bail-out financed by the American taxpayer? Not on your life.

We trusted Bush after 911. Look what his team of incompetents brought us.

I don’t know the consequences of doing nothing. But I like the odds better than giving Bush the power of a monarchy to play with our money. This isn’t Monopoly.

Let the market freeze up. It might anyway. Then we can cherry pick which institutions to save with a bail out.

Do not, I repeat, do not give George W. Bush these powers.

There is only one man in America smart enough to sift through this mess without being blinded by either the power or the conflict of interest – Michael Bloomberg, Mayor of New York City, is rich enough to have first-hand knowledge of our markets and markets throughout the world. I don’t know if Bloomberg is Democrat or Republican. I think he’s been both. He is an honorable man in that den of banker greed.

Warren Buffet suggested we make Bloomberg our economic czar. Do it now. If we must give up such extraordinary power to save American capitalism, give that power to Bloomberg. Do it now. Fill in with necessary legislation tomorrow.

I vote aye!


The South Plainsman said...

A lot of people in our history fought really hard so that we would have no "czars." I am not willing to give that kind of unrestrained power to anyone. Not Paulson, not Bloomberg, not Bush, not McCain, not Obama.

Back in the old days when we had an energy "czar" he had no such unrestrained powers. He was just in charge.

Some of you guys read the proposed statute....please.

Anonymous said...

I truly believe Bush has no idea what and how and all that encompasses on what the hell the money guys are doing. McCain should have had Bloomberg as his running mate. O is being counseld by some heavy hitters..Volcker, Rubin et. But you are correct GIVE BUSH NOTHING. Bill

The South Plainsman said...

I would go with Volker, with some restraints.

Rubin is head of CitiGroup, and is a former colleague of Paulson at Goldman-Sach. He was also at Treasury when a lot of this started.

There are a lot of people who are very capable. My problem is giving them unlimited and unchallengeable authority over a significant portion of our economy.

I am not being an ideologue, but I just hate giving someone who is not elected and not subject to the constraints placed upon all of us by law all of that power.

It just doesn't seem American. More German or Italian, or, shudder, Russian.

Ira said...

They can't tell us how dire the situation is, but trust them. Congress must act immediately and approve a one billion dollar bailout without any oversight. This could be a smoking gun that turns into a mushroom cloud! Be afraid. Be very afraid!

The administration and practically every other politician wants us to give one billion dollars to irresponsible bankers and then they have the audacity to also place blame on irresponsible borrowers who were sold a bill of goods which were resold to folks like AIG.

On top of all of that we are going to be asked [they haven't called me yet] to bail out irresponsible foreign banks as well.

Of all the people in this food chain of greed the bankers should have known better and refused loans with little or no collateral. But hey, if you're big enough and in deep enough it doesn't matter. You're too big too fail. And the U.S. taxpayer is too impotent to do anything but surrender.

I hate to get pulled into another conspiracy theory [a well-executed plan that everyone talks about but no one can agree on the facts], but this sounds just like another Bush scam. "It's serious. I can't tell you everything but I need absolute power with no oversight. Just hand over the money. And, oh yes, throw in the constitution while you're at it. You won't be needing that."

Why do I feel like we are constantly being mugged by the Bush administration and his corporate buddies who use our government as their weapon of choice?

Anonymous said...

Hey,Hey,Hey!!! Let's all choose up sides and vote for Newt Gingrich.All of his ideas have worked out.(well most of them anyway.)That way we'll have a good solid conservative and can tell the anti constitution Bloomberg and his like thinking libs. To
let the big fish stew in their juice. I'm still not in favor of a bailout.
Yes I understand the consequences,but the time to stop this type of shennaigans is NOW. Send them to prison in Iran or whatever, but get this monkey off the taxpayers back. If people were foolish enough to go along with this garbage,then that's their problem. Just send me my share before we close it all down says the big boys behind it all.
This is one area that we can all get behind.-----Goose

The South Plainsman said...

I doubt it is a Bush scam. Its a Wall Street scam. They are presenting us with a plan that allows the Treasury to bail out every big WallStreeet firm and bank that screwed all of this up. With no oversight.

My view is that it is like putting the coyote in charge of guarding the henhouse.

I am not expert enough to know what must be done, and I am certain the government probably has to intervene. BUT. We do not need folks having no limitations being given that much power. Period.

It is becoming apparent that we may have to consider adopting a new paradigm for our governance, but we must not give up the people's ability to choose, and to require accountability.

Panic will not serve us very well. Let's all take a deep breath and take a look at the options before we go along with this.

You guys need to get off the partisanship. What we face is an American problem, not a Democratic or Republican problem. We are faced with a very difficult situation that is basically everyone's fault. We need to come together to solve it. Those that will not are doing their country a great disservice.

Jeff Hebert said...

I find myself in agreement with the other commenters -- unchecked powers this vast and sweeping are a huge mistake. No one should have that much authority over the treasury, certainly without significant oversight and checks.

This is exactly the sort of thing in the finance arena that Bush has been pushing for in the Executive, putting all of the power in the hands of The One, making anything The One does legal simply because The One does it, with no accountability, no direction, no oversight, and no consequences.

We keep saying "The market is the best decider", so let's get out of the way and let the market decide. Nationalizing the finance industry like some second-rate socialist country is not a good idea, particularly when combined with the Cult of the Great Leader, a willingness to thrust all authority onto one guy and let HIM make all the decisions.

I'm not saying a bailout isn't necessary -- smarter people than me say it is, and I'm willing to take their lead on it. But the current statute being offered is, as South Plainsman says, simply lunacy.

The South Plainsman said...

Good job, Jeff. George says you are OK. You just proved it. This is lunacy without checks and balances.

This is an American problem...not just a partisan problem. To Hell with partisanship. We need to do things to help the country.

Anonymous said...

Republican leadership is an oxymoron.

sph said...

I wonder if this had happened after 8 years of Democratic Party leadership in the executive office if partisanship would be cast aside. "Don't poopoo the president, now, that's Un-American." Where have I heard that before? Oh, yeah, for the last 8 years.

That's difficult to stomach after some of the monologues on this BLOG. But, you know what; I could do that if I thought it would help. Since every conservative I know has been duped by the village clown in the White House, why not get the liberals to fall under his spell also. Then we can all merrily become the banana republic third world nation he is leading us to. What if partisanship is all that will save us? Don't get me wrong, if we had any distinct leadership in the Democratic Party the clown would never have "lead" us into this mess in the first place. But we'll cast blame later.....

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