No Bailout

This afternoon, the House voted down a $700 billion bailout that would have pulled that much or more of bad mortgage loans and bonds out of the market.


Even though in an earlier blog I wrote in support of this bill, as a Republican, I understand why it failed.


For the case against it, the United States is a capitalistic society. Shouldn't the market correct itself, consequences be damned? If you look at history, capitalism has a cruel, but efficient way of correcting itself. Why should we now get involved in the best system yet to be devised and add a socialistic twist to it?


In the case for it (now failed), loan rates would be kept in check, your pay check wouldn't stagnate, job growth would continue and yes, Wall Street would have been saved. Whether any of this would have come true, we'll now never know.


In the scheme of things, this was a pretty historic vote. We'll see what happens the rest of this week, but I'm personally disgusted on the non-action and gridlock happening because of this bill. We need action. Maybe not from this particular bill, but from a bill that works for all.


Here's one interesting fact before I close: It's interesting to see Democrats blaming us Republicans for this bill not being passed when 95 from their own caucus voted against this bill.


ER


Draft: The Defeated Bill

Vote: 205 Yea; 228 Nay

Video: Pelosi Speech Riles GOP

RCP: Recent Congressional Approval

After One

In my opinion (and for the sake of being objective), I must admit that the first win of the three presidential debates needs to be given to Obama.


During the 90 minutes given for this debate, McCain was the dominate spokesman on foreign policy, but over all, Obama was much more articulate in his delivery and more descriptive in conveying his ideas.


Maybe McCain was simply off is game? Then again, maybe I was expecting too much from McCain in this first round. Either way, the weekend polls will show us what the rest of America thought.


ER

Temporary Hold

In what is now being described as a “once-in-a-century crisis”, John McCain suspended his presidential campaign today in order to focus on the economy.


We all shouldn’t be surprised by his actions. He’s a man who walks his own path. Suspending his campaign today shows that. However, in an election where he’s currently down in the polls, I'm not too sure if suspending his campaign is the right thing to do. Quite frankly, it's unprecedented, and I can't remember the last time a party's nominee has done something this drastic this close to November. In short, nobody suspends their campaign – nobody.


McCain and Obama are both active serving senators. If this truly is the worst economic crisis in a century, should Obama suspend his campaign as well and return to Washington?


Politics aside, we all know something needs to be done. McCain putting a temporary hold on his campaign shows this. Whether this is a good political move, we’ll find out in November, but this at least proves one thing to me about McCain: He’s not lying when his campaign uses the slogan, “Country First”.


ER

Victory, Relief at the Pump

In Washington, no action seems to be better than action.


The Dems have capitulated to GOP lawmakers in the fight for offshore drilling by allowing the current ban to expire. This will open up 18 billion barrels of oil to the American people and begin a steady flow of monies into our stagnating economy.


This is just the first step in getting energy independence. As I posted in an earlier blog, we need to drill now, implement gradual change and then, go green.


ER


Election: Latest Polling Data from Gallup

Yet Again, It’s the Economy

First it was Iraq. Then it was oil. Now, the economy is front and center this election year.


In summary, here’s what’s going on:


Unlike the investment market meltdown of the 20’s and 30’s, this current meltdown can essential affect every American, not just the rich. What started as a booming housing market in the early 2000’s has turned into bad mortgage loans and ill-advised debt investment in bonds by banks.


Because of lessons learned from the market crash early last century, Wall Street and the Securities and Exchange Commission have become a leader in free market investment regulation. But, unlike Wall Street, mortgage loan and other bank regulations have been slim to nonexistent.


This obviously needs to change, but first and foremost, we need to stop the bleeding.


Late last week and over the weekend, $700 billion was recommended by the White House, Treasury Secretary Henry Paulson and Fed Chief Ben Bernanke to bail out not just Wall Street, but main street. Yes, this move will increase government involvement in an otherwise free market, but to quote Bernanke, “Action by the Congress is urgently required to stabilize the situation and avert what otherwise could be very serious consequences for our financial markets and for our economy.”


So, instead of individually bailing out companies like Freddie Mac, Fannie Mae and AIG, we will systematically begin buying every bad loan to relieve the burden they weigh on our market.


This makes us, the US tax payer, an investor. In reality, we all may not invest in the markets or have a home, but we all have a vested interest in preventing a 1929 financial breakdown.


Granted, I don’t necessarily agree with growing our debut, making government larger and using tax payer money to bail out the private sector, but the lack of oversight in this area proves we – the people and Washington - are to blame for not being more proactive.


Now, Congress needs to act. I don’t want to hear any in-fighting or partisan bickering about “adding this” or “inserting that” into this vital piece of legislation. This is not a time to worry about helping individuals or companies in your district. It’s about helping the United States and it’s people move past this financial crisis.


This is a non-partisan issue, Congress – get it done.


ER


The Basics in Mortgage Loans and Bond Investment

State of the Left

While flying over Hurricane Ike this past Friday (and holding on for dear life), I was catching up on some blog reading on my Blackberry. I came across a post by Dean Barnett from The Weekly Standard that I think accurately (thus the title of the entry) describes the state of the left.


The Weekly Standard Blog - The State of the Left: Angry and Desperate


ER


More from the Left:

• Obama: "I want you to argue with them and get in their face."
• Biden: Paying higher taxes patriotic act
• Hackers break into Sarah Palin's e-mail account

From the CBC:

• Heather Mallick: "She [Palin] added nothing to the ticket that the Republicans didn't already have sewn up, the white trash vote, . . ."

Remembering 9/11

It’s hard to believe that seven years have passed since that fateful morning.


Just as many of you, it’s hard for me to forget exactly where I was or what I was doing that day. That, along with the confusion, remorse and anger that accompanied those images will truly live with our generation forever.


Today, the will and strength of every American will shine as we remember the lives of the lost.


Remember this day along with the resolve and vigilance we must pay in order to keep and live in our American society.


Always remember this day seven years ago today, September 11th, 2001.


ER


Fox News: Real American Stories

RNC Round-up

I’ve had a lot on my plate lately, so I haven’t been able to post my opinion from last week or this week. But, thanks to Drudge, here are some articles from around the web.


RNC Reaction:

• Palin: The Speech
• AP: Palin Delivers Star-turning Performance at RNC
• AP: Conservatives Hyped over Palin
• The Sun: Palin Strikes Back
• Politico: Convention Video

From the Dems:

• The Guarian: Biden says Obama Might Pursue Criminal Charges Against Bush Administration

Opinion & Polls:

• Politico: Why the Media Should Apologize
• WSJ: Why Obama Can’t Close the Deal
• RCP: Daily Average

ER