How we got into this mess, and how not to get out of it

  • Article by: Michele Bachmann
  • Updated: September 25, 2008 - 4:41 PM

When Bear Stearns hit bottom in March, the credit crisis claimed its first big Wall Street victim. Treasury Secretary Hank Paulson said we had to bail out the bleeding financial giant at a cost to the taxpayers of $29 billion. Paulson said that would stabilize the markets. But it didn’t.

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love07Sep. 25, 08 5:07 PM

LET THE CLINTONS TAKE OUT A LOAN TO COVER THIS DEBACLE..THE THE AMERICAN WORKERS WHO STRIVE TO COVER THEIR CAR PAYMENTS, GROCERIES, ETC...HAVE SOROS WHO MOST CERTAINLY WAS PART OF THIS WITH THE CLINTONS KICK IN HIS SHARE EV M..WIS

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love07Sep. 25, 08 5:10 PM

OOPS LEFT OUT THE WORD...NOT..THE AMERICAN WORKERS EV M WIS

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beepSep. 25, 08 5:17 PM

I want no deal where Fannie, Freddie and the Community Reinvestment Act survive in any way, shape or form. The tree that this poisonous fruit has come from needs to chopped down and the roots destroyed. America can not afford anymore harvests of this kind. And unless we address the current $56,000,000,000,000 unfunded liability of Social Security and Medicare (which BTW expands at the rate of $4,650,000,000,000 each year!), this bailout will be chump change.

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kwaseaSep. 25, 08 5:44 PM

Her just opening her mouth is an embarrassment to this state. If she is such a genius, she should have been saying this long ago, not acting like she's some sort of savior. This is just another regurgitation of the simple-minded, slack jaw, more for those who already have more BS economic solutions/theories we've been choking on from the Republicans since Reagan, except for the respite of Clinton. Trickle down? More like peed on! Nothing has trickled down to the majority of people in this country. Just more greed from the same people while the President sits counting the days until he is out of office. Someone should be going to prison for leaving us with this bag of goods.

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cgdoddSep. 25, 08 6:23 PM

When will politicians learn not to disrupt free markets? This bailout mess should be a lesson learned about leaving the free markets alone. Government should never have become involved with the credit markets in the first place. Now we're paying the price for playing politically correct affirmative action games on the credit market just to appease borrowers who should never have been extended credit in the first place. It doesn't look like government is good at solving problems, does it?

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sethroweSep. 25, 08 6:28 PM

Ms. Bachman may actually have some good points about how the recent bailouts haven't exactly set the economy soaring and about the massive cost to taxpayers of this bailout. Does anyone know if they are talking low-interest loans or free money for companies that made poor investments?

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ShockwaveSep. 25, 08 7:27 PM

The spark of the current financial meltdown was the subprime mortgage instruments (not the loans themselves), but any severe downturn would have pushed incompetently run institutions over the edge. The problem was the lack of strong independent regulation. The deregulation fever than was pushed though in 1999 was a bad idea, and it was the brainchild of Phil "Nation of Whiners" Gramm. Gramm is (or was, depending on who you listen to) John McCain's major financial advisor and was prominently mentioned as nominee for Secretary of the Treasury in a McCain administration. Now, Gramm works for UBS, the Swiss firm which will be one of the major beneficiaries of the Paulsen bailout plan. Surpise! Bachman doesn't quite understand the financial aspect, and she completely misses how pathetically wrong conservative Republicans have been. Let me rephrase her last paragraph: "The recklessness of the _current_ government is a primary culprit here. We need more regulation. We need an intelligent, reality-based tax structure. We need adults in charge.

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miaconoSep. 25, 08 9:22 PM

to me how suspending the business and capital gains taxes do not constitute a bailout. Suspending these taxes will only result in larger government deficits, which must then be financed with more borrowing. It is fundamentally no different than offering low-interest loans.

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dankozSep. 25, 08 9:57 PM

It always amazes me how conservatives can offer the same solution to every problem; reduce support to the needy and get more money to the greedy. Its their solution that's the problem. It isn't that we have too many houses, just too many homeless people. For the most part the cost of land and materials to build a new house has gone up not down. Only the working person's wages are down and this is likely contributing as much or more to the economic meltdown as the poor decisions made by lenders. The disparity of wealth between the rich and the poor in our country is greater than at any time since the great depression. Our economy will begin to rebound once this wealth is more evenly divided but apparently a better economy is the last thing conservatives want. Otherwise the trillions of dollars that are being discussed so recklessly might be used to put an awful lot of homeless people into an awful lot of empty houses and the housing crisis could be over.

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kassenSep. 25, 0811:30 PM

Remember Ronald Reagan's quote, "Government isn't the solution, Government is the problem." I wonder what he'd be saying now if he were still with us? (God Rest his Soul). He'd be saying, "We need a $Trillion to bailout Wall Street, because the liberals in Congress got us into this mess." Never mind that the 107th through 109th Rubber Stamp Rupublican Congress put this crisis on us to make their rich friends richer and the 110th Do-Even-Less Democratic Congress was just as impotent as they were during the past six years prior. Always the liberals fault.

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