Thursday, March 20, 2008

Wall Street Welfare and Wall Street Taxes

ILLUSTRATED: It is essential that Democrats explain how the coming bailout is an indictment on conservative ideology.

Unfettered markets, unfettered property rights, an unfettered right to contract, and limited legal and regulatory accountability are the keystone ideas in the Republican economic platform. However in our current crisis, each idea must be compromised in order to save capitalism from itself.

Some points that Democrats met get accross:
-These cuts in the Federal Funds rates are a backdoor bailout for banks. Interest rates for consumers, from mortgages to credit cards are not coming down as fast.
-Lax regulation and loosening of Depression Era laws are ending up costing the economy more in the long run. History does repeat itself, so we must learn its lessons.
-Strong ethical standards (ahem, "regulations") must be put in for anyone who advises people with money. Democrats ceratinly want as many homeowners as possible, but people must be advised on how to invest and what they can afford.
-Interest rates are Wall Street's tax. They are going up. The dollar will go down so imported oil prices will go up.
-Worst of all is the coming taxpayer bailout to help the executives who made these mistakes. Wall Street Welfare is not just a hypocritical oxymoron, it goes to show that Republicans truly value some people over others. Their policies benefit those in position to control capital for its own sake. Our policies are designed to have optimized resource allocation in the economy and give everyone a chance to succeed.

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