"I’m not holding my breath, but I would like to see the self-proclaimed conservative, small government, anti-regulation, free-market zealots step up and take responsibility for wrecking the American economy and bringing about the worst financial crisis since the Depression.
Even now, with the house on fire, the most extreme among them won’t pick up the fire hoses and try to put it out."
—Bob Herbert from The NY Times (9/30/08)
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The defeat of the bailout yesterday may turn out to be a good thing. Two steps, that the conservatives house Republicans (and Newt Gingrich) advocated may now be enacted.
First replace "Mark to the Market" accounting required by "Sarbannes Oxley". "Mark to the Market" requires that if a mortgage instrument sells at a lower price, than an institution must mark its entire inventory down, resulting in massive losses of working capital in a falling market. Rather than "Mark to the Market", employ an average of price over a 2-3 yr. period of time, which is approximately the price the US Treasury would probably offer for those same assets in the bailout. I believe this can be done by the SEC without congressional approval.
Second, increase FDIC insurance to $250-$500m which would shore up public confidence in the banking system. This requires congressional approval.
It is good to see free speech win out.
ELECTION 2008
Prosecutors on Obama 'Truth Squad' sound retreat
No one involved 'has any intention of prosecuting anybody'
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Posted: September 29, 2008
Good to see Obama's ACORN money pulled from the most recent bill.
This bloated pork barrel of Dem party favors is not good legislation.
It went from two pages on buying out toxic debt to the Book of Dem Pork.
By the way, the NYT editorial page continues its fiscal and political idiocy as evidenced by your guote.
They fail to recognize the Democrat party anti redline legislation, followed by the Republican deregulation of banks and securities firms, and than the Democrat party promotion and protection from oversight of the GSEs which resulted in accounting fraud far worse than Enron by Franlin Raines, Jamie Goelik et al, along with the pay offs to Frank, Dodd, Obama and a few Republicans. Democrats shielded Raines(a black) at Fannie Mae, claiming a fiscal lynching.
Pres. Bush and John McCain led attempts to deleverage the GSEs, only to beaten back by the Democrats on a party line vote. This has not been the Democrat Party's finest hour. The only saving virtue is the comedy of Pelosi and Barney Frank on Monday as the deeply flawed bailout went down in flames. I have to include Treasury Secratary and Pres. Bush for criticisim with their hoplessly arrogant and Fascist proposal.
The final solution has the chance of being infinetly better with,accounting changes, tax benefits, FDIC increases in limits that were opposed by the Democrats. Democracy in action can produce good results.
October Surprise??? Who knows, maybe this year it will not be sexual improprieties or the lack of sobriety of Republicans but possible payoffs of Democrats in Chicago and the state of Illinois.
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Possible change of heart
Rezko talked with prosecutors, may aid probe, sources say
By David Kidwell, John Chase and Jeff Coen | Chicago Tribune reporters
5:24 PM CDT, September 27, 2008
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