Another Massive Failure On The Republican Watch

President Bush, as we all now know, has asked Congress to bail out the financial industry one again, this time to the tune of $700 billion.  And although swift action from Congress is necessary, Congress needs to review this plan with extra caution and care and make certain that it comes with strings attached (in other words, unlike the Iraq War resolution).  

 

What is happening with the financial industry is the consistent pattern of Republican ideology, a non-governing attitude of government.  Let's check the Republican Party's past and present record:

 

    -The great depression and stock market collapse of 1929.
 
   -The savings and loan collapse and subsequent bail out in the late '80s that cost the taxpayers over $125 billion.
    
   -The stock market collapse of 1987 know as "black Monday" and a loss of 22.5% of its value --- the largest
    one day loss in history.
 
   -The stock market and financial market scandals during the current President's term and the most recent
    bail out of private industries.

 

All of those "shocks" are related to economic conditions, and all were overseen by Republican Presidents.  When will conservatives get the idea: the status of the U.S. economy is related directly to the government's fiscal policies, set by the President. Outside and unforeseen circumstances also have a bearing on the economy, but that is why a sound fiscal policy is essential: to make sure the U.S. is ready for those circumstances.  

 

President Bush tells us the problem with the financial industry melt down started with unsound lending and borrowing practices.  Well, under Reagan-Bush 41 and Bush 43, which covers a period of 20 years, not one federal budget was balanced and deficit spending and borrowing occurred every year, along with record debt their administrations created.  

 

The bottom line: George Bush and the Republicans got "drunk" on their own policies and passed it on to Wall Street and the financial industry.  Worst of all, the American taxpayer is being asked to deal with the "hang-over".