Quote:
Originally Posted by Villages Kahuna
Even while Sarah Palin was criticizing Barack Obama for being a Socialist, John McCain was essentially admitting that socialism is about the only way that the current financial crisis in the country can be resolved.
In a TV interview on Sunday night--sorry, I don't remember the channel or the program--the interviewer asked MCain the direct question of whether the recently approved government bailout legislation--which McCain claims to have been active in getting passed--wasn't actually socialism. McCain dodged the question as any good politician would, but answered that the crisis facing the nation was so dire that the government had to step in with some sort of solution. He explained that whatever it's called, tnat was the only alternative at the moment.
I'd suggest that both candidates steer away from pointing at the other and accusing them of socialism. We are in the process of having several of our major industries socialized. The only real question on the table is how long it will take us to return to a purely capitalistic, free market economy? Unfortunately, the tag line on the question is..."if ever?"
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In an article in the Worcester Telegram (MA) Oct 28, 2008
Entitled ,29 crash anniversary echoes anew on Street
Excerpts:
"Basically, the government did exactly the opposit of what they should have been doing," said Sung Won Sohn, an economics professor at California State University. When we think about these things today, it's almost ridiculous and comical what we did back then."
"The fed just sat by and watched thousands of depository institutions fail" said Vincent R. Reinhart, director of the Federal Reserve's monetary affairs division. "That's a major difference from the current policy. Now we understand the role of credit, and the policymakers feel a responsibility for stabilizing that activity."
I keep my fingers crossed that the so called 'bailout", which I consider to be necessary at this time because of past history with the depression, is temporary at best. Only Congress can make the current situation short or turn it into a new government entitlement boondoggle. We haven't been a completely capitalistic, free market system since the crash of '29, when our government started being the provider of what they call fairness and protection.