Korean Job Discussion Forums

[Ya-ta Boy]

GREEN BAY, Wis. - Republican John McCain said Friday the Federal Reserve needs to stop bailing out failed financial institutions. The Republican presidential hopeful said the Fed should get back to "its core business of responsibly managing our money supply and inflation" and he laid out several recommendations for stabilizing markets in the financial crisis that has rocked Wall Street and commanded the dialogue in the presidential campaign.

http://news.yahoo.com/s/ap/20080919/ap_on_el_pr/mccain_financial_crisis

The Democratic presidential candidate praised efforts by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke to rescue endangered financial firms and keep credit markets solvent and said "even bolder and more decisive action" was necessary.

http://news.yahoo.com/s/nm/20080919/pl_nm/usa_politics_obama_dc

For my money , when the economy is teetering on the brink, I think knee-jerk ideological reactions like we're hearing from some conservatives are not helpful. The first goal is stability. There's time later to go back and fix any mistakes. Obama is showing good non-partisanship by coming out and supporting the administration's plan at this time.

[Kuros]

[Ya-ta Boy]

[Ya-ta Boy]

The corporate financiers are wrong
Would they please shut up about the wonders of an unfettered free market? It's taxpayers who are paying the price for their greed -- again.

Sept. 19, 2008 | Now that we're all about to take on hundreds of billions or perhaps a trillion dollars in new public debt to redeem the nation's super-smart corporate financiers, there is one thing I hope we can expect in addition to postponing the apocalypse. Will they all please shut up about the wonders of the unfettered free market and the horrors of big government?

For decades, the investment class and their mouthpieces in the conservative movement have been telling Americans that if only we repealed all those musty old New Deal rules and programs, then we could enjoy unprecedented prosperity...

We ought to have learned the way the world really works -- that is, how privilege, power, entitlement and greed undermine free markets -- during the teaching moments of the savings and loan debacle, the corporate scandals of George W. Bush's first term, or any of a number of smaller crises when taxpayers had to rescue major enterprises that were "too big to fail." Indeed, there has been a similar result -- along with higher unemployment, falling family incomes, rising debt and deficits, and neglected public infrastructure -- every time we have bought into the free-market extremism of the Republican right.


http://www.salon.com/opinion/conason/2008/09/19/market/

[Tiger Beer]

Fundamentally, I would STRONGLY agree with McCain.

However, in this situation, you have a very clueless sitting President who, and while nearly ANYONE who knew ANYTHING already knew this was all going come to just about exactly this, we had a President who was largely clueless to as what was going on, or you could make an argument that he strongly encouraged through policy this behavior to have the massively inflated housing bubble look like the economy had health to it.

In a last-minute crunch, the government HAD to do the last possible thing it could possibly do to stop something incredibly catastrophic from happening.

What has now happened is yet another monstrous fiscal disaster (a strong reoccurring theme throughout Bush's Administration). Of course now the government is eating it up and driving itself significantly deeper into more holes, and we have yet more Bush-sponsored government agencies that will have to be created to deal with yet more garbage that should have had active regulation systems in place to avoid in the first place. But the alternative of the 'do nothing' plan that Bush usually prefers is much worse, so it is actually somewhat refreshing that in a last minute ditch-effort of 'do-nothingness' actually decided to do something.

In other words, I think this final result was inevitable, and there really was no other option out there. Now we'll be dealing with the massive problems because of it just like everything else that has occurred during Bush's Administration.

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The sad thing at work is that a more incompetent Palin who will make Bush and his admin actually look somewhat competent is sitting in the wings, and i don't think the country could take on anyone yet more clueless on how to run a nation (considering McCain is elected and, well, y'know, things got passed down to Palin).