The Effects of Mitch McConnell’s Failed Leadership Have Never Been Clearer Than They Are Today.
Shawn Dixon September 19th, 2008
With the announcement of a nearly $1 trillion bailout for Wall Street banks, the disastrous effects of misguided Republican economic policies under the leadership of Mitch McConnell and George W. Bush have never been clearer than they are today. While everyone in America (except Jim Bunning) understands that the bailout is necessary, it’s disappointing, to say the least, that the situation comes as a direct result of the extreme economic policy of total deregulation that Mitch McConnell has championed as the top Republican in Congress.
With the fall elections only weeks away, it’s is imperative that Democrats like Bruce Lunsford remind voters that the tumultuous economic situation we now face is not an accident nor has it been brought about by happenstance. The situation has become too severe for Republicans to continue to suggest that the stock market is simply going through an “adjustment” or “correcting itself.” This crisis has come at the hand of McConnell’s policies that have allowed banks and lenders to prey on consumers without any consequence.
Republicans of course will want to lay blame at the Democrats doorstep. However, folks know that this situation did not happen overnight , and it would be insulting to voters to suggest that the Democrats created this mess during the less than two years they’ve had control of Congress. No matter who created the situation, it’s now time to come together to prevent a total meltdown of the economy. How McConnell reacts in the coming days will be telling about what kind of Senator he is. I hope he’ll step up to the plate, admit his mistakes and work with the Democratic leadership. Unfortunately, if his last 24 years have taught us anything, we know we’re probably in for typical McConnell mudslinging and stubborn partisanship with the costs again going to American taxpayers.
(Thanks to everyone for letting me continue to post around here. I took at job this summer that demanded most of my time. Now I’m back in school and I’m going to make every effort to post quite frequently. I’m very excited about watching Kentuckians usher in new leadership this fall!)
- Mitch McConnell
- Comments(11)
We have not seem the full effects of these investment bank failures. Give it about two months to a year. The cutbacks in jobs are coming and Mitch McConnell does not care about Kentucky or the citizens. If you think that John McCain will do anything you are STUPID. The CEOs of these failed banks need to be ineligible to collect any separation bonuses regardless of what their contracts say. . Mitch McConnell is NOT honest enough to support this type of treatment of thieves because un – American Mitch is one of them. Mitch McConnell DOES NOT support the United States.
The McCain plan for Healthcare
by kos
Fri Sep 19, 2008 at 06:27:30 PM PDT
It’s really, really good:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
Way to go kos! Now everyone say POW POW POW…. DRILL DRILL DRILL …..
Thank you for the article.
Kentucky, Mitch McConnell, has failed you for
the last 8 years. He has voted with, and
embraced Bush on everything. Looks like he is
continually in favor of his big business friends.
And his wife, talk about cronyism? bedfellows?
Do we all think if she is born in Taiwan, that
she ever was for the American worker?
Wake up and think, Kentucky, you cannot
keep going down this same path to nowhere.
Vote for anybody else ,anybody. Just stop
the same old thing with McCinnell.
BUT BUT the Republicans lowered my taxes, and will keep them low. But the value of my home has dropped 20%, my health insurance costs have doubled, gas costs $4 a gallon, and my investments are in the tank. Please, tax me.
I am amazed. We have seen an economy that George Bush, Mitch McConnell, and Elaine Chao have destroyed because these people have sold us out to third world countries like China. As jobs left the United States so did prosperity. When people took out mortgages the paper in many cases was sold to foreign countries and every time a war in the Middle East was started and needed to be financed more treasury bonds were again sold to foreign countries. Then to further bribe these countries more jobs stolen from Americans were sent to China and India because of the tax policies that people like Mitch McConnell helped to enact. Our country is going down the tubes and all the idiots Mitch McConnell and Henry Paulson can talk about is the developing economies of China and India. Because of our indebtedness China owns the United States thanks to trash like Mitch McConnell and Henry Paulson. Ever notice that nothing much is said about lead paint or tainted food coming from China? More of the same McCain will not change this as the low classed Heritage Foundation dictates policy to McCain just like they did for George Bush. The Heritage Foundation hates any prosperity that the citizens of the United States might have and would immediately export it to China or India. These people are NOT loyal Americans. Of course the Heritage foundation supports the bailout of the Oligarchs of AIG, Bear Stearns, Fannie Mae, and Freddie Mac with YOUR tax dollars. What is even more shocking is that many Democrats have said that they will not vote for Obama because his is of racially mixed heritage. McCain supports wars with Russia and Iran. These people have done NOTHING TO THE UNITED STATES. How will McCain finance this? More give aways to Red China? And we all know where Mitch McConnell’s loyalties lie. All I can say to these dumb assed Democrats that support McCain is go ahead get McCain elected but when you start to lose all you have NO ONE SHOULD HELP YOU and everyone has the right to blame you for their woes. No. I don’t believe that Obama is the savior but look what George Bush has done to you and what McCain will continue to do. Perhaps the effects of the bank bailouts will start to unravel the economy BEFORE the election and the McCain Democrat idiots will wake up.
OK, folks….here’s the deal. The current financial disaster came into being with the 1999 Republican sponsored (Gramm) legislation that effectively repealed the 1933 era Glass-Steagall Act, which put a firewall between commercial banking and investment banking. Clinton signed this into law, as he could not sustain a veto. But, clearly this was bipartisan stupidity….both the Dems and the REPUKES sold us out. That said, it is clear that this economic disaster could be much more easily managed if the BUSH/McConnell team had not added over $4 TRILLION to the $5.6 TRILLION of debt that Bush inherited. The fiscal year that ends 30 Sept 08 will leave a federal deficit of over $400 BILLION. Fiscal 2009 is projected to leave a deficit of over $500 BILLION. The “bailouts” will cost something around $1 TRILLION. Add in the final cost of the unnecessary war of choice for Israel in Iraq of about $2 TRILLION, and you get some scary numbers. What will be the effects on YOU???
Take your choice….it will be one or more of these:
1) a drop in the standard of living for most Americans
2) much higher inflation
3) much hugher interest rates.
A vote for McConnell is the vote of a FOOL!!
I wanted to call your attention to this fine article by James Moore.
http://www.huffingtonpost.com/jim-moore/a-nation-of-village-idiot_b_127340.html
Conservative Republicans always want the government to stay out of business and avoid regulation as long as they are making lots of money. When their greed, however, gets them into a fix, they are the first to cry out for rules and laws and taxpayer money to bail out their businesses. Obviously, Republicans are socialists. The Bush administration has decided to socialize the debt of the big Wall Street Firms. Taxpayers didn’t get to enjoy any of the big money profits on the phony financial instruments like derivatives or bundled sub-prime paper, but we get the privilege of paying for their debt and failures.
Let’s just consider the money. The public bailout of insurance giant (becoming a dwarf) AIG is estimated at $85 billion. According to one report, that’s more than the Bush administration spent on Aid to Families with Dependent Children during his entire time in office. That amount of money would also pay for health care for every man, woman, and child in America for at least six months.
TW-The Other. Not socialism. Kleptocracy.
Shawn, you’re the greatest!!!
Jim
But wasn’t it Dems who killed McCain’s plan to oversee Freddy Mae and Franny Mac, the two who’s fall led to this current mess? And didn’t Obama take an AMAZING $125,000 (in less then three years) from Freddy Mae and Fanny Mac.
Why yes, yes it was.
So why are you blaming McCain and other Republicans for letting Democrats stop them from passing the needed reforms back in 2005?
Because you are a partisan hack.
So, let me get this straight. The Democrats should be blamed because the Republicans didn’t pass a reform in 2005 when they controlled both houses of Congress and had just won the presidency again.
And, it shouldn’t matter that the only reason that reform would need to be passed was to correct for the original legislation passed in a Republican congress in 1999, which was sponsored by John McCain’s now chief economic adviser.
Logical people know the hack. It’s the person who doesn’t even believe his claims enough to use his real name.