"A government takeover of Wall Street will only exacerbate the problem. There are free-market solutions which nobody except the House GOP is considering (and even McCain is now following their lead).
We can suspended the capital gains tax for two years. This will attract massive capital investment in markets (arguably more than $700 billion). We can end the mark to market accounting practices of Sarbanes-Oxley (which were an obscene overreaction to Enron). We can L-O-A-N money to institutions about to go belly-up if they are willing to pay over the market rates (fed +2 perhaps as Newt suggests).
The government is lying about the bailout. If you think the taxpayer will come out ahead on the deal, I have a bridge in Brooklyn and swampland in Florida to sell you. This crisis was created by Democrats. Generally assigning the person who causes a problem to solve it is a bad idea. The O-N-L-Y folks insisting on free market solutions are the House GOP. Jim Bunning is correct - it is socialism. I am firmly with Ron Paul on this particular issue. It may be a temporary band-aid, but the problem will recur in a far more virulent form in ten years.
I am impressed with the leadership John Boehner has shown in holding his caucus together - united against this monstrosity. Without the House GOP, there is no bailout (the Dems would never go it alone). I do not foresee Boehner and his colleagues caving on this. They have found their feet."
Friday, September 26, 2008
Welcome back vintage, 1994, "Gang of Seven" Boehner
Okay, I'm going to be honest, I'm admitting it for the first time on this blog, knowing full well that some may put 2 and 2 together and realize just exactly who this pitiful excuse for a blogger is, but I used to work for John Boehner. I had despaired that he had gone the way of the Rino's, but he has shown his old self this week. Thank God.
From my friend James: