http://www.nytimes.com/2008/09/27/business/27repubs.html?partner=rssnyt&emc=rss
This article talks about the Republican party's reluctance about passing the $700 billion bill proposed by George Bush. Instead of passing Bush's plan, the Republican party wants to look into alternative ways of alleviating the financial crisis. The Republican's do see however, that something needs to be done. As Jeb Hensarling of Texas said, "You were being asked to choose between financial meltdown on the one hand and taxpayer bankruptcy and the road to socialism on the other and you were told do it in 24 hours...It was just never going to happen.'' According to the article, Republicans recognize that the potential failure of the plan would be attributed to them. This is why they [the Republicans] wanted to make it very clear that they want to see government intervention, but different from the one currently proposed by the White House. This has created a lot of tension between the members of the Republican party, sparking many arguments between them. What I think is interesting about this situation as a whole is that we are seeing that the Republucans are not siding with the President because they realize he is trying to get this bill passed "on his way out of the White House." No matter what plan they come up with, I am conviced that there will be a bailout of some sort nontheless.
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6 comments:
I think there will definitely be government intervention of some sort, too. The republicans are right to not blindly side with Bush on this issue. The outcome will have a monumental effect on the economy. Therefore, some debate is needed. Functional conflict will create new ideas and the best course of action is more likely to be thought of that way. The Republicans and the Democrats should work together to come up with a solution that is best for the American people as a whole. Both parties already “want to see a deal made.” Certain government positions were supposed to be watching the economy but they were not paying enough attention to it. As the party in power, the Republicans may feel somewhat responsible for the people who were not doing their jobs. This will encourage them to find the best possible solution.
I think this whole issue definitely hurts the Republicans now more than ever. Being election season, it really isn't beneficial for the Republicans to be split on how to save the economy. McCain, though Republican, is going against the current Republican president, and although there aren't many, the Bush supporters out there are going to feel angered by McCain's opinion on the economic crisis. Also, if Republicans cannot unite on a common front, people's confidence in their abilities to handle the United States' issues may also falter. So whatever action the government wants to take to help the economy, the Republicans should come to an understanding fast to help their overall campaign for McCain.
I believe that the Republicans are against the bailout plan because with a new Republican candidate, they need to get as many people on their side as possible. The whole bailout plan is a shakey issue and they don't want to lose Republican voters by being completely for the plan. The bailout plan didn't end up going through and I think it's best for the government to stay out of it for now. One possible reason the plan didn't happen is because it is an election year for the House. They want to be re-elected and don't want to lose votes by passing this plan. Before the plan was passed, the stock market dropped around 700 points. However, it went back up 500 points shortly after. At this point the government needs to allow the stock market to work itself out.
I agree with Ryan in the fact that the bailout issue is hurting the Republican campaign. The Republican's need to agree on one side to help and support John McCain in his run towards presidency. I feel like the Republican's should come up with a consensus on the plan's future and justify their views. I also feel like the market needs time to work thing out, similar to doug's point.
Republicans are already down in the public’s eye. Because this is Bush's last term, he does not have to worry about the public image the bill will create. The Republicans need a bill that will bring the public's trust and belief back to the Republicans. A decision needs to be made relatively soon. There is no question that the economy needs help. The question is how much help does it need? It is a question that is not easily answered. It is going to require careful consideration from both the Democratic and Republican sides. A two party system allows for different ideas to be molded into a compromise that will hopefully have the best effect on our struggling economy.
With the bailout plan finally passed, the stock market is still in a very shaky condition. Such volatility in the stock market has not been seen for decades. It seems that the bailout has helped somewhat, but not enough. I feel like it is still way too early to make any sort of judgment about the effectiveness of the bailout plan. McCain has taken a stand in support of the bailout plan, and it seems that this stance, along with several other issues is actually hurting his campaign.
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