Sunday, September 14, 2008

The Markets

Who is thrilled that Wall St. firms are being bailed out?  That said, I understand that after Bear Sterns, FNMA and FHLMC, there will be no deal on Lehman Brothers that includes taxpayer money.

Considering that the Republican Party's DNA says that they shouldn't take over or bail out firms, and a history of acting that way, I am proud that they have taken some actions.  It is not clear whether former Secretary O'Neill would have done so.  Thomas Mellon, Hoover's Secretary of the Treasury, is infamous for his quips suggesting the markets will just sort themselves out.

As a reminder, though, the one Republican who spoke at the Democratic National Convention was Jim Leach of Iowa.

I just thank goodnessness and graciousness that Bush passed all those tax cuts for the super-wealthy!  That is why our economy is so strong and we are chugging along like gangbusters!

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