Saturday, September 20, 2008

Best Wrapup of Financial Meltdown Goes to...

Best brief on the financial meltdown of last week by bonddad at dkos, puts it all out in an orderly, easily understood way,

Last week was historic. It is a week that financial and economic people will study for generations. It also marked the end of certain elements of the Republican Party's ideology. Below are statements the Republican party can no longer claim as part of their core ideology.

We are the party of small government
Actually, this week simply added to the the end of this claim. Under Bush II, discretionary spending has increased from $640 billion to $1.040 trillion dollars. Also remember that Bush had a Republican controlled congress for 6 of those years. However, Paulson will send a package to Congress which totals $800 billion. The Treasury will create a new agency to buy bad debt (which the WSJ's Marketbeat blog has called the Treasury Garbage Machine). In short, when the Republicans control all branches of government they spend like drunken sailors.

They are also not the party of fiscal responsibility,
when the going gets tough, the Republicans become socialists:

or the party of free markets or personal responsibility either.
Obama, are you listening?
Read the rest, it's well worth it.

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