Republican nonsense

Is Mitch McConnell a whore for Wall Street? We will see. If any effort to have a mechanism for winding down big banks is a bailout, or a guarantee of taxpayer assistance, then the obvious answer is to break up the megabanks. But the Party of No is disgraceful. After eight years of George Bush and his minions (who apparently ran the show), they truly have the Audacity of Hype.

But let's get over the notion that bailing out the banks at the time was not the thing to do. In hindsight, we should have nationalized some of them and broken them up, but it was hard to know what to do at the time. Can you imagine all the major banks failing? It would have been a catastophe of enormous proportions. Think Great Depression. A lot of people on the left need to get this, too. This nonissue is a huge roadblock in thinking about how to prevent something similar from happening again. And to protect democracy from big banks.

So Mitch, what is your proposal? Or are you redoing the health care reform strategy? I favored the Wyden-Bennett approach, but instead of supporting some positive reform, the Republicans proposed nothing. Death panels. Socialism. Keep appealing to the idiots in your base and the party will self-destruct as the Democrats did in 1968.

And Tea Party goofballs, please take Econ 101. There are good economic reasons for a stimulus package. We will never have the final word on how effective it was, but your party just made it worse by insisting on tax rebates, the most ineffective measure of all. The Democratic Party stinks, too. But I really don't see how you can rationally see Obama as a terrible president at this point. Looks to me like the Audacity of Hate.

Here and here are a couple good Bruce Bartlett posts that illustrate the stupidity. Check out David Frum, too.

Prove me wrong Mitch.

Addendum: As usual, here is Simon Johnson at Baseline Scenario putting the bank issue best.