The Bush Recession...
...as always: Good News for Republicans! Dick Morris:
Those who fear a radical Obama miss the point of the lack of maneuverability of the next president of the United States. Behind the mortgage crisis looms the credit card crisis and the student loan crisis and the car loan crisis. Sweating the credit out of the system will take two years of zero growth or contraction. We won't have a Great Depression because the government will irrigate our economy with money. But we will have stagnation, followed by inflation. [...]Not to be outdone, Michelle Malkin weighs in:
The role of the Republican Party is to rebuild in the shadow of the frustrations of the Obama presidency. Just as MoveOn.org built a massive grass-roots base that yesterday impelled the Democrats to victory, so the Republicans must go down to their grass-roots, get in touch with their base and rebuild an opportunity to win national elections. Government has been bad for the party. It has sapped the party's soul and eroded its purity. But opposition, especially as a socialist like Obama wrestles with the practical problems of capitalism, will be a heady experience for the Republicans. The conservative movement can be reborn in opposition in a way they never could have been as the governing party.
But the damning reality for fiscal conservatives is that John McCain's plan for homeowners underwater on their mortgages was even more generous than Obama's.Leaving aside for a moment Barack Hussein Obama's terror-lovin' socialism, 'Muricans actually voted for the more Republican of the candidates yesterday. If Republicans would just focus on being more Republican than Democrats these next 4 years, the terror-lovin' socialists will be all like screw this, we're votin' for incompetence again!
His $300 billion "rescue" involved directing the Treasury Secretary to "purchase mortgages directly from homeowners and mortgage servicers." That was on top of the trillion-plus-dollar "bank" bailout supported by both presidential candidates, the White House and the Democratic leadership; the $85-plus billion to AIG; the $25 billion to automakers; and the $200 billion in capital and credit lines to Fannie and Freddie. And who knows what else we'll be redistributing to the indebted states of New York, California, Massachusetts and all the other Peggy the Moochers, large and small, lining up for their piece of the bailout pie.
McCain assailed massive government spending -- while promising to heap on more massive government spending to pursue home ownership and retention at all costs. It was the Republican, not the Democrat, who entrusted the Treasury Department to renegotiate individual home loans and become chief principal write-down agents for the nation. Both private and public entities are planning for a McCain-esque homeowner salvation plan for borrowers in the red.
That's the spirit.