[Rhodes22-list] Bush Speech

[Brad Haslett]

Hank,

Here's your "convenient scapegoat", Barney Franks. I could name some
others from both parties but Franks will do fine, thank you. What
truly amazes me is how some people can advocate conducting the same
experiment over and over, with the same results, and say we're making
advances. Communism didn't work out those who tried it, socialism
isn't working out so well in Europe (look at their unemployment rate
and the direction of recent elections).  The beauty of capitalism is
that when something doesn't work, you try something else that does.
Nixon was dumb enough to get talked into wage and price controls and
that worked about as well as lead zeppelin.  I don't like the idea of
this "bailout" but I understand the need for it, and hopefully these
underlying assets will be sold for enough to recoup a significant
chunk of the 700 Billion.  Bush did a pretty good job, IMHO, of
presenting the case clearly last night.  If the Congress turns this
into an opportunity for new social programs, it either won't get
passed or it will pass and add more to the problem than it solves.
One thing at a time here folks.  The oil passages in the engine are
clogged and the bearings are starting to melt.  Let's change the oil
first and then design a "new and better" engine later.

Brad

On Thu, Sep 25, 2008 at 8:28 AM, Hank <hnw555 at gmail.com> wrote:
> Rob,
>
> What I fail to understand is why everyone wants to paint Bush as SOLELY
> responsible for everything that happens in this country.  Last time I
> checked we weren't living in a dictatorship.  Congress has to pass the laws
> before the President can sign them.  Congress shares just as much
> responsibility in this as Bush.  Let's give credit, and blame, where it is
> due and not just dump it on a convenient scapegoat.
>
> Hank
>
>
> On 9/25/08, Lowe, Rob <rlowe at vt.edu> wrote:
>>
>> Brad,
>> That pretty much sums it up.  What he failed to say was that he was
>> apologizing for 7 years of failed policies that created this mess in the
>> first place and that he was trying to save his legacy by having the
>> taxpayers bail his ass out of trouble.  Now if he had said that, I'd
>> probably consider going along with his plan.  But wait, $700B spread
>> among 300M citizens is only around $2300 a person, why not just ask
>> everyone to pony up their share?
>>
>>
>> -----Original Message-----
>> From: rhodes22-list-bounces at rhodes22.org
>> [mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Brad Haslett
>> Sent: Wednesday, September 24, 2008 9:46 PM
>> To: The Rhodes 22 Email List
>> Subject: [Rhodes22-list] Bush Speech
>>
>> I truly hope SOMETHING gets passed so the loan on the house I'm
>> selling closes on schedule next week (Tip O'neil said it best - all
>> politics is local).  Here's one summary of the Presidents speech.
>> Brad
>>
>> ---------------
>>
>> Bush: Congress Must Act to Save Stupid People
>>
>> Posted By Scott Ott On September 24, 2008 @ 10:41 am In Business, U.S.
>> News |
>>
>> (2008-09-24) - The foundation of the U.S. economy could crumble,
>> President George Bush said today, if Congress fails to approve a U.S.
>> Treasury plan to take over foundering financial firms, a proposal
>> which the president called "a much-needed 21st-century civil rights
>> act for stupid people."
>>
>> "To sustain this shining city on a hill," Mr. Bush said, "we need to
>> rescue the ignorant, irresponsible folks - from Wall Street to Capitol
>> Hill to Main Street - who got us to where we are today. We must
>> guarantee that no American suffers the soft bigotry of being forced to
>> live with the consequences of his bad decisions."
>>
>> The president, in remarks to the news media clearly aimed at reluctant
>> Republicans in Congress, said, "Our financial system rests on a
>> foundation of huge banks, brokerage houses and quasi-governmental
>> agencies that followed Washington's lead by gambling on long-shot,
>> poorly-collateralized investments. Now this glorious way of life is
>> threatened, and we must act to preserve it."
>>
>> "We need to guarantee that the structures, systems, people and
>> products that got us to this point won't be tossed on the ash heap of
>> history," said Mr. Bush. "If these giant companies fail, then America
>> will be left with nothing but thousands of small to mid-sized
>> financial firms that made prudent investment decisions during the past
>> 15 years."
>>
>> The president added that, "Americans value the liberty they have to
>> buy homes they can't afford, to invest in securities backed by nothing
>> but hope, and to draw six- and seven-figure salaries based on the
>> courage to risk taxpayer dollars on deals that even the dealmakers
>> don't understand."
>>
>> "It is a moral imperative that we guard the civil rights of these
>> idiots," he said. "If we fail, then we face the specter of free market
>> capitalism run amok, and millions of Americans will feel the painful
>> lash of personal responsibility across their backs."
>>
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