Comments on: Franken Opposes Current Bailout Plan http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/ Tracking Minnesota Politics Since 2005 Sat, 20 Mar 2010 17:40:03 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: TwoPuttTommy http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25499 TwoPuttTommy Thu, 02 Oct 2008 21:37:42 +0000 http://mnpublius.com/?p=3062#comment-25499 Alec, it's amazing that the very party that claimed "competition is the answer!" did everything in their power to ensure mergers and acquisitons were accomplished. "Good riddance" indeed. Alec, it’s amazing that the very party that claimed “competition is the answer!” did everything in their power to ensure mergers and acquisitons were accomplished.

“Good riddance” indeed.

]]> By: Alec http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25498 Alec Thu, 02 Oct 2008 21:31:41 +0000 http://mnpublius.com/?p=3062#comment-25498 KH, Conservatives had to push easy credit because there was no other way to get money into the economy after years of supply side economics had crippled wages and benefits. Consider why we had to make credit so easy just to keep the economy rolling and spending going. So, if you want to look at the root cause, it is supply side economics that redistributed all the wealth to a very, very few. With wages stagnating after Regan and his disciples destroyed the labor movement and unions, there was nothing for the conservatives to do except open up the credit spigot. This whole bail out bill is designed to keep the credit spigot open so our economy keeps going. Ask yourself, why does the average American worker have to go into such terrible debt for teh very basics of the American dream? Supply side economics is dead. Good riddance to fascism. Thanks, Alec KH,
Conservatives had to push easy credit because there was no other way to get money into the economy after years of supply side economics had crippled wages and benefits. Consider why we had to make credit so easy just to keep the economy rolling and spending going.
So, if you want to look at the root cause, it is supply side economics that redistributed all the wealth to a very, very few. With wages stagnating after Regan and his disciples destroyed the labor movement and unions, there was nothing for the conservatives to do except open up the credit spigot. This whole bail out bill is designed to keep the credit spigot open so our economy keeps going.

Ask yourself, why does the average American worker have to go into such terrible debt for teh very basics of the American dream?

Supply side economics is dead. Good riddance to fascism.

Thanks,
 Alec

]]> By: lojasmo http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25494 lojasmo Thu, 02 Oct 2008 19:41:57 +0000 http://mnpublius.com/?p=3062#comment-25494 It is a terrible bill with necessary components and lots of stuff missing. I don't support it either, but I understand the necessity of it. Democrats aren't as mendaciously rigid as republicans, GOPgal. I do agree with one thing. It is easier to oppose a bill when you don't have to vote on it. I probably would have voted yes on the damn thing. It is a terrible bill with necessary components and lots of stuff missing. I don’t support it either, but I understand the necessity of it. Democrats aren’t as mendaciously rigid as republicans, GOPgal.

I do agree with one thing. It is easier to oppose a bill when you don’t have to vote on it. I probably would have voted yes on the damn thing.

]]> By: Kerosene Hat http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25493 Kerosene Hat Thu, 02 Oct 2008 19:39:03 +0000 http://mnpublius.com/?p=3062#comment-25493 It is of course easy to be against an unpopular bill when you don't have to vote on it. That aside it is nice to see Franken being against it even if it for all the wrong reasons. Easy credit at all levels created the housing bubble. Housing prices and real wages have traditionally gone up and down together. If housing prices increase more than real wages it is a bubble. The housing bubble that started in the mid nineties that is now starting to deflate is the biggest in history. There are two ways for housing prices to come back in line with wages, something that WILL happen no matter what politicians tell you to get elected. One is we let the value of homes return to the level they would have been had they increased at the same rate as wages, about 50% of their current value. The other is that we create inflation that reduces the buying power of wages to half their current amount while home prices stay static. The problem with the second option, which is represented by the bailout, is that inflation hurts everyone whether they took the risk of borrowing to buy a house or not. It also hurts those who have less ability to absorb financial distress much more than those that are well off. Propping up home prices is a very, very, very bad idea. The property does not have the value to back the loans associated with them. Pretending otherwise by moving the bad debt from the individuals who live in the property to the general public does not change that. It is of course easy to be against an unpopular bill when you don’t have to vote on it. That aside it is nice to see Franken being against it even if it for all the wrong reasons.

Easy credit at all levels created the housing bubble. Housing prices and real wages have traditionally gone up and down together. If housing prices increase more than real wages it is a bubble. The housing bubble that started in the mid nineties that is now starting to deflate is the biggest in history.

There are two ways for housing prices to come back in line with wages, something that WILL happen no matter what politicians tell you to get elected. One is we let the value of homes return to the level they would have been had they increased at the same rate as wages, about 50% of their current value. The other is that we create inflation that reduces the buying power of wages to half their current amount while home prices stay static.

The problem with the second option, which is represented by the bailout, is that inflation hurts everyone whether they took the risk of borrowing to buy a house or not. It also hurts those who have less ability to absorb financial distress much more than those that are well off.

Propping up home prices is a very, very, very bad idea. The property does not have the value to back the loans associated with them. Pretending otherwise by moving the bad debt from the individuals who live in the property to the general public does not change that.

]]> By: Dan http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25492 Dan Thu, 02 Oct 2008 19:34:12 +0000 http://mnpublius.com/?p=3062#comment-25492 Franken opposed it because he is running for office in 2008. Frankly, I am surprised Coleman voted for it for the same reason. Franken opposed it because he is running for office in 2008. Frankly, I am surprised Coleman voted for it for the same reason.

]]> By: Super doggy 55 http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25491 Super doggy 55 Thu, 02 Oct 2008 19:32:33 +0000 http://mnpublius.com/?p=3062#comment-25491 Franken had no choice. Coleman supported it and Franken's campaign is so tied to everything Norm has ever done being wrong that to not oppose it would be admitting that Coleman did the right thing. Franken had no choice. Coleman supported it and Franken’s campaign is so tied to everything Norm has ever done being wrong that to not oppose it would be admitting that Coleman did the right thing.

]]> By: Alec http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25490 Alec Thu, 02 Oct 2008 19:20:12 +0000 http://mnpublius.com/?p=3062#comment-25490 Klobuchar has repeatedly stupmed for Franken and I am sure will continue. Listen GOPGAL, we are not like the Rethuglicans who shun you if you disagree on a vote, and actually vote your principles. I know you Republicans like to just put in faceless representatives of the party, and that is fine for you folks. Party comes before principles of course for you guys. Franken will be fine and embraced. Thanks, Alec Klobuchar has repeatedly stupmed for Franken and I am sure will continue. Listen GOPGAL, we are not like the Rethuglicans who shun you if you disagree on a vote, and actually vote your principles. I know you Republicans like to just put in faceless representatives of the party, and that is fine for you folks. Party comes before principles of course for you guys. Franken will be fine and embraced.
Thanks,
 Alec

]]> By: gopgal http://mnpublius.com/2008/10/franken-opposes-current-bailout-plan/#comment-25489 gopgal Thu, 02 Oct 2008 19:11:27 +0000 http://mnpublius.com/?p=3062#comment-25489 I need to learn not to be surprised by you guys anymore, 74 members of the US Senate voted for this bill, including a DEMOCRAT that Minnesotans elected and your presidential candidate. I think it is safe to say that Senator Klobuchar will not be one of the surrogates out on the stump for Angry Al? I need to learn not to be surprised by you guys anymore, 74 members of the US Senate voted for this bill, including a DEMOCRAT that Minnesotans elected and your presidential candidate. I think it is safe to say that Senator Klobuchar will not be one of the surrogates out on the stump for Angry Al?

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