Home > politics > Dialogue with a Democrat on the bailout…

Dialogue with a Democrat on the bailout…

September 26, 2008 Leave a comment Go to comments

So, we had time to kill watching this mess unfold on CNBC today. We stopped over to the Huffington Post to see if they had any news. While there, we posted this little note to tweak the noses of the, “Progressive,” wing of the Democratic Party:

Very interesting.

Don’t you wonder how the Democrats get themselves into a position where they are holding the bag for a VERY unpopular president, to put together a VERY unpopular bailout, for the VERY wealthiest people in our country – all while the Republican Congressional delegation goes home to lead a peasant revolt against all four?

LOL…you can’t get this kind of entertainment out of Hollywood!

How gullible can you Democrats be??????????

That sparked this dialogue below with Mike169:

Mike169: As the Democrats made clear – they’re not holding the bag for anyone least of all these Republican morons. If this is as serious as they say then the Republicans (who are for fewer regulations and capital gains tax cut!) will be looking like the horses asses they really are.

Charley2u: Can you spell, O-C-T-O-B-E-R S-U-R-P-R-I-S-E?

I knew you could…bagholder.

Why do you think the administration came up with this a week before recess?

Let’s be clear here: this crisis began with stagnant incomes for working families over the past eight years. But, are your fearless leaders debating a bailout for them before going home to run for re-election?

No!

Instead they are debating how to put together a package to bailout the debt factories of Wall St. The very people who have the Democrat constituency facing foreclosure and dispossession.

You people as a party are quite possibly the dumbest collection of losers every to accidentally cobble together a majority.

After you spend 700Bn to take care of the supporters of the GOP, what will be left to take care of your own???????

Mike169: Do you watch what is going on at all? When you figure this out please leave a message for me until then you’re living in a dream world. If this goes down and the country’s finances collapse (something you see as impossible) who will be the bad guys then. Also you have totally missed what the Democrats have said because like your fearless leader who knows nothing about economics by his own admission flew in to muddle everything up just in time for the October surprise which may well be the collapse of the Republican Party. Have a great day – I know I will!

Charley2u: I am so dissed about your answer!!!

You smack me down, and then support giving my hard earned money to the very people who own my mortgage and credit card debt!!!!!!!!!!!!!!!!!!!

What a damn insult!!!!

Have all you democrats lost your mind??????

Charley2u: Boy are you wrong!!!! I am just a poor slob trying to figure out when you Democrats will wake up and fight for people like me…

No wonder you can’t govern; you don’t even know who your friends are…SHEESH.

Just pitiful.

Mike169: Really! Is it your intention that the financial system collapse or is it that you think that the Bush administration is pulling everyone’s leg (he is your republican president you know). Did you see the biggest bank failure in American history just happened yesterday? Do you understand the position of the Republican opposition includes little or no regulation of those elements who have brought this mess before the public? In watching out for “the poor slob” do you think Republicans ever have? If so when I’d like to know? As far as this criisis goes, I’ll even agree with you – let it goe down the tubes. Let the banks suffer from their own stupidity but also suffering from their stupidity will be the rest of country. You may want to try and pick up an econimics book sometime if can read. Pathetic!

Charley2u: Yes. I think the administration is pulling our leg on this. Not, that there are no problem in the debt vreation sector of the economy – what you call the financial system – but that this would fix it.

This began with mortgage defaults – which means working folk did not have enough money to pay their bills. “Fixing the credit markets” – the aim of this legislation – will not correct the original problem.

People are being foreclosed and evicted because their income has not kept pace with the cost of living for at least the past eight years. They have been supplementing their wages and income with debt from Wall Street.

If you want to fix this problem, you have to address stagnant wages and income, not the availability of credit.

I don’t know how to say this more simply: I and my neighbors are up to our necks in debt, more credit will not fix this.

A package which brings us tax relief would. And, if you reduced military spending to pay for it, our neighbors in the international community might breathe easier as well.


Mike169:
“I don’t know how to say this more simply: I and my neighbors are up to our necks in debt, more credit will not fix this.”

Let’s take this point right here. You have put yourself in debt beyond your ability to pay it off. The bailout the government is giving the financial institutions should also be used to bailout you? Is this what you’re saying? You may couch it in tax relief but it’s much the same thing isn’t it?

Charley2u: No. I am clear of all debt, because I know what the scam is here – and I pay attention

I was just using it as an example: I am saying this is basically the situation for most of Democratic party supporters.

In fact there have been about 20 foreclosures in my small town, however. A blue state.

Which is why I don’t understand why you are giving our tax money to the mortgage and credit card debt speculators.

But, I’ll just find an economics textbook and figure it out.

And, you Democrats can look at the polling data when my neighbors find out you are giving their hard earned dollars to Goldman Sachs…

Mike169: “Which is why I don’t understand why you are giving our tax money to the mortgage and credit card debt speculators.”

If this is what is being done I’d be pissed but it’s broader than that and if you cared you’d have looked at the proposal as redefined by the Democrats. By the way even prior to this particularly gigantic bailout. Republicans, not Democrats bailed out AIG, Fannie and Freddie, Bear Stearns all without the Democrats “help”. You’re on the wrong track by attacking the Democrats over this and if you think we didn’t get into this without the anti-regulation stances taken by John McCain you are sorely mistaken. I still haven’t heard your response to my question do you want the whole thing to come tumbling down or is there some middle ground that you can live with?

Charley2u: I began with the middle ground:

1. Bailout Main St, not Wall St.

2. Emphasize real goods, not military spending

3. Encourage exports, not the exchange rate of the dollar

*****

To sum up, for the supporters of Barack Obama out there, this bail out must be stopped. No package should be voted up that does not have these principles:

1. Bailout Main Street first (income), not Wall St (credit).

2. Focus on the real economy first (real goods), not government spending (military).

3. Support the domestic economy first (exports), not the international economy (exchange rates).

From this, it follows, the main emphasis should be on working families and their circumstances. The least emphasis should be on the dollar, and attendant international financial interests (Wall St., Sovereign Wealth Funds’ assets, etc.)

You can’t go wrong if the proposals you support stick to these principles. Obama is having a problem offering a serious proposal on this precisely because he is not using this template.

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