Thursday, November 12, 2009

Opinion

Robert Schlesinger

The GOP Opposes Bailouts—Its Platform Says So

September 24, 2008 10:14 AM ET | Robert Schlesinger | Permanent Link | Print

It's long been a given in politics that party platforms are outmoded and disconnected from reality. Even so, the section of the GOP platform pertaining to the economy, and specifically government bailouts, is a gem.

To wit:

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself. We believe in the free market as the best tool to sustained prosperity and opportunity for all.

(Hat tip to Bree Hocking over at RobertEmmet)

So Senator McCain, do you stand by your party's platform?

Tags: politics | Republicans | Wall Street | government intervention

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Reader Comments

The "platform" is that Republicans literally do not care how many individuals are broke. They care that institutions (aka corporations) survive----that's all, folks.

Republicans will vote for a version of bailout---corporations are in danger.

Beating Innocent Taxpayers, Honoring Guilty!

Looking for someone to blame for the shambles in U.S. financial markets?

As a Stock Broker on Wall Street, I have sat front and center and watched as this mess unfolded. And in my view, there's no need to look beyond Wall Street -- and the halls of power in Washington. The former has created the nightmare by chasing obscene profits, and the latter have allowed it to spread by not practicing the oversight that is the federal government's responsibility.

I find it hard to stomach the fact that investment banks that caused this financial crisis immediately ran to the government asking for assistance, which Bear Stearns received and Lehman Brothers, thankfully, did not. This is one of many eerie parallels that the current meltdown bears to the Great Depression, when Washington and the taxpayers had to step up and take unprecedented action to stabilize the financial markets and the economy. Unfortunately, the government today has already put enormous taxpayer resources at risk -- bailing out investment firm Bear Stearns, mortgage giants Fannie Mae and Freddie Mac and insurer AIG, and proposing to buy risky assets from the banking system -- to stop the economy from plummeting into another depression. But these events only underscore the toxic relationship between Washington and Wall Street that has brought us to this point.

Of course!

In principle.

But it is my duty to make points in this campaign and appear to be more interested in saving my country than debating that other guy and I hope this ill-advised suddenly hatched ploy will help my sagging poll numbers.

Hey, double speak is the thing that politics is made of.

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Robert Schlesinger is a deputy editor at U.S. News and World Report and oversees all opinion editorial content. He is the author of White House Ghosts: Presidents and Their Speechwriters.

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