Treasury Secretary Henry Paulson recently announced the take over of mortgage giants Fannie Mae and Freddie Mac by the federal government. The move was done, said Paulson, in a bid to help reverse a prolonged housing and credit crisis with the idea being to keep owners in their homes.
It has been estimated that the bailout will cost at least $250 billion, but Paulson said he could not say for sure. Regardless, it is another bill the tax payers will be saddled with, and once again it happened on the Republican watch. While speaking about the financial crisis a few weeks ago, President Bush who thought the mic were off said, "Wall Street got drunk." What he failed to say was Wall Street got drunk because of his own policies --- no oversight and a lack of regulation by the regulators charged with that responsibility.
We have the Wall Street scandal of manipulating the market, the mortgage scandal, and the federal bail out of Bear Stearns along with the infamous Enron scandal --- all on Mr. Bush's watch. I have mentioned in previous articles how Republican administrations seduce the public with tax cuts that benefit the wealthy and then get into the tax payers pockets a hundred different ways. If the voters took time and examined the fiscal and economic record of the last three Republican presidents, Reagan, Bush 41, and Bush 43, which covers a 20 year period, they would be shocked to find how badly they performed compared to the Democratic administration of Bill Clinton.
Bottom line: a vote for John McCain in November is a vote for the continuation of this Republican pattern with its reckless policies.
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