If The Democrats Want To Bail Out Wall Street, Let Them Do It Alone

by John Hawkins | September 26, 2008 4:40 pm

The White House, in a failed attempt to save George Bush’s legacy, is pushing a cataclysmically bad, socialistic bailout plan. This plan is unpopular on the left and the right, it’s getting more unpopular by the day, and by election day, the fallout from it will be nuclear.

The House Republicans, on the other hand, are supporting a much more sensible plan, a politically popular plan that won’t put the taxpayers on the line for 700 billion dollars.

All the Republicans in Congress, especially John McCain, should latch onto the House Republicans’plan and refuse to sign onto this 700 billion dollar handout to Wall Street under any circumstances.

The reality is that the Democrats in Congress have a majority in the House and Senate — and will surely get a few Republican votes for anything they propose. So, if they want to team up with Bush to pass this monstrosity, let them do it and face the consequences. If they don’t, then let them sign on to the House Republican plan to protect the taxpayers.

Granted, there are economic risks to the GOP digging in their heels to save 700 billion dollars. But, I am not convinced the risks are any higher than throwing away 700 billion dollars on a plan that will surely be followed by hundreds of billions — and perhaps even trillions more — in the coming months.

A “bad bill” is worse than “no bill” and worse than “doing something” — if it’s the wrong “something” at least — and will be far worse economically and politically than doing “nothing.”

Let the Democrats and the media rant and rail about how the GOP is refusing to unnecessarily hand 700 billion dollars over to Wall Street because they want to protect the taxpayers and let’s see how long the Democrats can hold out against the fast-rising tide on this issue. My guess is, not very long.

Remember, my friends, George Bush is going to be gone very soon, but the party’s reputation for fiscal conservatism is going to be affected by the decision for years to come. Republicans in Congress shouldn’t let the “we’ve got to do something, anything” crowd sucker them into making a horrific mistake that will hurt the country and the Republican Party for many years to come.