I am watching the financial market with some amazment and quite a bit of concern and dismay today. Suddenly it looks like the federal government is going to rescue everything and everybody. It is called a "bold" plan, but at least a good part of it looks like nationalization and socialism to me. What about the self-regulating mechanisms of the capitalistic market? Do we throw all of that out the window, and now the government is going to backstop every failure in the forms of bad loans or bad investments?
McCain is saying: cool it, guys. Lets not move hastily into drastic actions. Indeed, we are talking about massive bail-outs. Even if we forget about who is going to foot the bill (it is us taxpayers, you can be sure of that), the concept of no-fault is simply wrong morally.
I am beginning to think that this is how Bush dares the Democratic controlled congress and all the left-wing and socialist-leaning pundits who have been blaming him for everything bad. It is as if Bush is saying: now I have a bold solution, and it is that the government will rescue and save everyone, and since you want the government to be the big daddy, here you go. Now the hot potato is in the hands of Congress and it is caught between a rock and a hard place. If it goes along, then this is the Congress that moves the country into massive spendings and even socialism. If it does not, then Bush can point to them as culprits who refuse to protect the Americans.
Certainly Obama and the likes cannot say Bush is not doing anything. Bush is countering it by over-doing it.
McCain can ride with this and say let's do things sensibly so we do not leave a bigger mess for future generations. I wonder what the Obama response will be, and how Reid and Pelosi will deal with this hot potato that Bush and Paulson are throwing at them.
Meanwhile, I still intensely dislike the removal of responsibility, and accountability. Since taxpayers are ultimately paying for these sins, taxpayers ought to have a say in it.