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While Congressional Democrats and candidates for the presidency have spoken out in favor of more extensive help for distressed homeowners, the leaders of the Republican Party, including John McCain, have been more reluctant to support a bailout of people who bought houses they couldn't afford.This is putting congressmen representing those areas hardest hit by foreclosures in a bind, as their constituents plead for help. What are they supposed to do?
This may be a case of a silent majority of people who oppose a bailout but aren't making much noise. People who are desperate to hang onto their houses tend to be louder than regular joes who just don't want their tax money being used for bailouts of irresponsible people -- Who wants to be seen as a judgmental curmudgeon?
I worry that politicians will compound the housing industry's problems because of political pressure, making doing the rational thing -- which may very well be nothing -- basically impossible.
When John McCain, in a rare moment of coherence got it right, the backlash was immediate, with an enthusiastic mob comparing him to Herbert Hoover.
The best bet for Republicans here is probably to stick to their guns on the no-bailout platform, and hope that the silent majority will get behind them.
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Reader Comments (Page 1 of 1)
3-31-2008 @ 1:21PM
william lindblad said...
Whatever either side says - it's moot.
The problem is current and they are future. Whatever happens is based upon the actions of those presently elected. What is being said is politics and not reality and campaign statements are the usual - rhetoric. Anyone who is in trouble due to housing and is concerned that a potential candidate will have an answer to their problems would have to wait until at least Jan 2009, and by than it would probably be too late.
3-31-2008 @ 2:32PM
The Mediator said...
Dont forget BEAR STERNS which just got bailed out by those same republican hypocrytes for 200 billion , or the 40 billion in tax cuts and subsidies given to the oil companies this year alone or the fact that it was these same republicans who claimed "deregulation" as what we needed to fix our economy when "deregulation" is exactly what caused this mortgage crisis in the first place.....all of these flim flam practices were outlawed and made illegal in the 1930's... WE have been here as a people before, the republican great depression of the 1930's was preceeded by the guilded age of the robber Baron...Rockafeller, Vanderbuilt, names which reak of a monopoly created amidst deregulation of an given industry or perhaps you know them today as bill Gates, Rupert Murdoch,Kenneth Laye. Its sad so many people dont know their history and its even sadder that our media is Monopolized too ( 5 companies print and broadcast 90% of what any american in any town in america sees on the tv, hears on the radio or reads in a newspaper/magazine)DEREGULATION does not work when their are monopolies involved Period, the end = check your history books.....and while its a very costly mistake to make for a second time in a century . My hope is that we as americans come out of the next depression as better people, like we did the last time
3-31-2008 @ 3:31PM
John said...
Want to know how effective regulation is, check out how many S&Ls failed in each state and measure the level of regulation each state had over its S&Ls.
Texas hates regulation; Minnesota loves it. The contrast is striking.