Republican anger at ‘financial socialism’

The GOP in Congress is continuing to show encouraging signs of gumption, continuing the more aggressive opposition to libDonk moonbattery that was started by their unofficial continuation of the House session while the Donks went home for a fall break. It’s noteworthy that that exercise concerned the Donk blockage of off-shore drilling…said blockage now to be abandoned in response.

One can hope that their opposition to the Donks’ and Bush’s new-world-order style of financial centralization to bail out their good ole’ buddies achieves similar results.

Congressional Republicans on Tuesday voiced their strongest objections to date about the Bush administration’s $700bn financial rescue plans, dealing a blow to White House ambitions for them to be quickly approved.

As Hank Paulson, Treasury secretary, and Ben Bernanke, chairman of the Federal Reserve, predicted grim consequences if the plan were rejected, the Republicans’ Senate leadership called for new provisions on executive pay, which the administration opposes, while others cast doubt on the whole package.

  Ben Bernanke and Christopher Cox of the SEC

“We are going to advance taxpayers’ dollars, and government ends up in effect taking an equity position in businesses,” Mitch McConnell, Senate minority leader, said. “I think the taxpayers should expect no less than strict limits on the type of executive compensation that might be possible for those involved in these partially government-controlled enterprises.”

“…taking an equity position…” In other works becoming (at least part) owner…in effect socializing the hosed-over finance industry.

Growing Republican doubts will make it harder for momentum to build in favour of the proposal.

The heavy hand of governmental intervention and social engineering caused the generation of much of the toxic-grade mortgage debt that underlies the current difficulties. More of that hand intervening in the mess can only prolong the readjustment, and will make the ultimate resolution of the problem(s) all the more severe and painful. These plans need to die a rapid death, so the economy can have a chance of correcting the effects of previous interventions.