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The Very Foundation of the GOP Is Fundamentally Bankrupt

October 15th, 2008 | by Windspike |

If you listen to the true conservatives - of the smaller governments, less taxes type - you will find our current situation as QED of why that philosophy is fundamentally bankrupt as a means of dictating governmental policy and action:

In hindsight, there’s no question that we would have been better off if we had been regulating derivatives — and had a clearinghouse for it…The Fed was really adamantly opposed to any form of regulation whatsoever. I guess if I had to do it over again, I certainly would have pushed for some way to give greater transparency to products which turned out to be injurious to our markets.

Really, there is no way for McSame or Palin to claim that they can fix this current situation by advocating “less” taxes and regulation that eventually goes away. You can trust Wall Street like you can trust a kid left alone in the kitchen near the cookie jar before dinner. And given McSame’s record of advocating de-regulation over regulation, does he really represent the “change” we need? Not in my book.

Blog on friends, blog on all.

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  1. 3 Responses to “The Very Foundation of the GOP Is Fundamentally Bankrupt”

  2. By Lisa on Oct 15, 2008 | Reply

    Fannie-Freddie-ACORN

    The New Deal! Yeah that’ll work.

  3. By windspike on Oct 16, 2008 | Reply

    lisa? Do you have a point to make germaine to the post?

  4. By manapp99 on Oct 16, 2008 | Reply

    Wind, did you even read the article you linked?

    This is the first line:

    “A decade ago, long before the financial calamity now sweeping the world, the federal government’s economic brain trust heard a clarion warning and declared in unison: You’re wrong.”

    This was in 1998 and is a story of a lone voice, Brooksley E. Born, the 57-year-old head of the Commodity Futures Trading Commission, who met with Bill Clinton’s treasury secretary Rubin, Bill Clinton’s head of the SEC Levitt, and Bill Clinton’s reappointed head of the Fed Alan Greenspan. She was warning that derivative trading needed to be regulated but the three Clinton team members were against it.

    This line is telling:

    “Reserve Chairman Alan Greenspan, Treasury Secretary Robert E. Rubin and Securities and Exchange Commission Chairman Arthur Levitt Jr. — all Wall Street legends, all opponents to varying degrees of tighter regulation of the financial system that had earned them wealth and power.”

    Yeah you read it correctly. All three were opponents to tighter regulation, and why? Because it had earned them wealth and power. Democrats????? Wealth and power????? Against regulation??? That’s looking out for Joe the Plumber.

    So this is a fault of the Republicans how?
    Which republican representive was present in the meeting the story is about? GWB??? Nooooo he was still governor of Texas. McCain???? Didn’t see his name mentioned as present. Nothing but Clinton appointees saying no fucking way will you regulate derivative trading. It might interfere with my accumulation of wealth and power.

    Your line

    “If you listen to the true conservatives - of the smaller governments, less taxes type - you will find our current situation as QED of why that philosophy is fundamentally bankrupt as a means of dictating governmental policy and action:”

    Should be aimed at the people that actually advocated smaller government via less regulation in the case brought forth by the story. That would be Bill Clinton for his appointees to Treasury, SEC and the Fed. No?

    Forget Obama’s ties to Ayers and Wright, I think we should question his ties to the Democrat party that helped bring on the biggest financial meltdown since the great depression. Don’t you?

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