Left Turn: Take the Washington-Wall St Bridge

I was arguing with the Democratic party propagandists at WaPo over the bailout failure. They were fer it, I was agin' it.

I pointed out that they are the same ones who usually rail against Wall Street and President Bush (aka Bu$hCo) while crying boohoo tears for the "little guy." They failed to see the irony. Nancy Pelosi tries to fork over $700 Billion of the "little guy's" money to modern day Wall Street robber barons and they defend it. I guess their worship of Speaker Pelosi and big government statist interventions trumped their utter hatred for President Bush. Life can get confusing in Libtardland.

A few other reasoned conservatives and I finally drove most of them from the forum, but it was like trying to reason with a pack of yapping hounds.

The GOP should wear their opposition to this Frankenstein's monster like a badge of honor. They revealed the Democrats and Wall Street fat cats to be the true partners in crime that they are.

The Democrats implement socialist experiments, we taxpayers get shaken down for the loot, and Wall Street banksters profit, returning those profits as political contributions to Democratic politicians like Barney Frank and Chris Dodd, who are swimming in millions of dollars of Wall Street political contributions. Organized crime gangs get taken down for carrying out schemes like this.

The Republicans should be congratulated for throwing a big monkey wrench in the Democrats' taxpayer-funded Wheel of Fortune.

This bailout is a terrible idea. Jeffrey A. Miron is an economist and Harvard economics lecturer. He doesn't like the bailout either. Here are some excerpts:

The obvious alternative to a bailout is letting troubled financial institutions declare bankruptcy. Bankruptcy means that shareholders typically get wiped out and the creditors own the company.

Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.

Further, the current credit freeze is likely due to Wall Street's hope of a bailout; bankers will not sell their lousy assets for 20 cents on the dollar if the government might pay 30, 50, or 80 cents.

Anticipation of the bailout will engender strategic behavior by Wall Street institutions as they shuffle their assets and position their balance sheets to maximize their take. The bailout will open the door to further federal meddling in financial markets.

Just to be fair and balanced, I'm also linking to an ignorant leftist argument in the New York Times. He tries to pin the debacle on "failed Bush policies, but ends up criticizing our increasing federal debt while totally not proving his assertion. To complete his irrationality, he criticizies government spending but supports Obama. This is a prime example of how liberals just look foolish trying to analyze and discuss economic issues.

It's like Halloween or a full moon; the nuts come out of the woodwork...