Doing nothing is absolutely not the right thing.
To begin with, the Federal Government bears a heavy responsibility for this crisis. After all, they’re the ones who coerced the banks into making many of these underlying loans - and they’re the ones who passed the onerous taxes and regulations which drove capital into marginal areas.
“Doing nothing” might be the correct response in a purely free economy. But that isn’t where we’re coming from here. That’s the first thing.
If we pass this, we can end the crisis for now and probably get McCain into the White House. The likely windfall to be reaped from liquidating these distressed securities will be enough to actually fund major reforms and to put the Federal Government on a sounder financial footing without raising taxes.
They could come out with public demands, say they can’t support it without these changes, and let the Democrats pass it on their own—but I don’t see that happening!
Nonsense. There is no way to assess whether an impending meltdown will be deterred by this legislation. IT IS NOTHING BUT A HOPE!
Who said do nothing? Cut the taxes. Cut the spending. Cut the roadblocks to private enterprise. Cut the government. Drill for oil. Build refineries. Build coal plants. Build nuclear plants. Prosecute and jail the guilty. Hang the traitors. Let free markets reign! Set our people free!