In one corner, the "free-market" conservatives oppose government regulation and oppose the $700 billion Bailout of WallStreet, and want less regulation and more corporate tax cuts, on the Left progressives oppose the Bush bailout as well, but want more regulation and increased taxes on the corporate rich and government assistance to homeowners and the middle class.
It almost looked like the Democratic "Leaders" in Congress were about to bailout Bush and Wallstreet by going along with a revised plan, but John McCain and House Democrats sabataged the plan with a new plan to CUT corporate taxes and CUT regulation more.
I'm afraid the Democrats were about to be out manouvered by the GOP once again. It is looking like McCain and House Democrats are going to try to take the "populist" banner by opposing the Bush plan and leaving Democrats to blame for supporting the "socialist" Bush/Paulson plan. It seemed like the conservative Republicans have been the most outspoken opponents of the Bush plan, while the Democratic Leaders (Pelosi/Reed) were left defending some version of the Bush plan.
Some progressive Democrats have been speaking out against the bailout plans, but they have not been as vocal as the conservative Republicans.
Obama should NOT allow McCain and the GOP to take the populist position and link him to the Bush bailout of Wall Street!
The Democrats need to follow the example of Sen. Bernie Sanders and offer a progressive alternative that will put the burden of any "bailout" on the corporate rich rather than the working class.
THIS DEBATE ON HOW TO DEAL WITH THE BUSH ECONOMIC CRISIS SHOULD BE A DEBATE BETWEEN THE BASIC PRINCIPLES OF CONSERVATIVES VS. PROGRESSIVES! WHO SHOULD PAY? WHO SHOULD BENEFIT? The Corporate Rich or the Working Class?
This is the basic issue that divides Liberal/Progressives and Conservatives! The Democratic Party MUST defend the liberal/progressive principles and not compromise to help bailout Bush and the Republicans! This is THEIR economic crises, the consequences of their policies (deregulation and corporate welfare) and as painful as it may be, the American people need to feel the pain of "free market" capitalism! Then maybe we can have a movement for democratic socialism and dump the corporate two-party system!
Watch Socialist Bernie Sanders take on right-wing capialist (corporate socialist!) Larry Kudlow on CNBC!
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1 week ago