While reading the news yesterday about the "bailout", I was confused. At first, I thought that Congress had voted down Paulsen's original plan. But that didn't make sense, because they had been working to amend that plan all weekend. Then I realized that they had voted down what was supposed to be the "compromise" plan. However, from what I am hearing this morning, many of the so called protections for taxpayers and limits on CEOS were not part of this legislation. It sounds like another fast one was going to be played on the public. "Oh yea, we will give all of these protections" but then the shell game started. They never really discussed what yesterday's bill actually contained. So if it was indeed the case that the protections weren't included, then I am glad it got voted down.
Some on the far left are claiming that this plan was designed by Paulsen to bailout every financial instrument from top to bottom, not just those that dealt with mortgages and mortgage backed securities. Since I don't understand enough about this plan, I can't say if that is true or not. However, it does look like a bunch of conservative, rich guys, trying to rob the Treasury.
The whole Republican plan from the start was to squeeze as much money out of the government as possible, to bankrupt it, so that they could cut or end social programs. They subscribe to the Ayn Rand version of capitalism (the kind presented in Atlas Shrugged) where only the "productive" get the rewards. The lesser of society "deserve" to be on the bottom because they are "lazy", "unskilled", and "stupid". It is a justification for what I call "neofeudalism".
Now, their own Republican congresspeople, are desperately afraid of loosing their jobs, are walking around sounding populist. Interesting turn of events.
UPDATE: October 1: I just found this at NPR It is one of the best explanations that I have seen thus far as to why Congress voted against the Bailout on Monday.
Tuesday, September 30, 2008
Neofeudalism
Posted by USWest at 8:34 AM
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Some Republicans surely pursue the grand plan USWest describes to squeeze government and thereby end social programs. Some hate social programs on the principles USWest nicely calls "neofeudal." But most Republicans just want to lower their own taxes, without regard to the consequences for society as a whole. They are not really ideologues, for the most part--just selfish and short-sighted.
It makes perfect sense to me that Republicans would sound a populist theme against the bailout. Republicans are not interested in saving Wall Street, saving rich folk, or helping any particular class of people. They just want to help themselves. They do not want to believe that Wall Street's woes may eventually affect them all. It's just like the tax thing: when you get down to it, Republicans simply just don't want to pay up, regardless of the consequences to society as a whole. They are not really populists, for the most part--just selfish and short-sighted.
I believe we need some form of immediate federal action to save Wall Street because I believe Federal Reserve Chairman Ben Bernanke when he says the consequences of doing nothing might be dire. I hope he is wrong. But I feel it is foolish to take that chance. I feel similarly about global warming: I trust the experts on that--I trust there is a real risk of disaster. I am willing to make sacrifices to avert potential risks. Funny how that cautious behavior makes me a "liberal"!
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