The R Word

It's not Recession, which Bush will never admit we are in. It's regulation- that's the dirty R word. Sunday's New York Times has an article on the pickle Republicans are suddenly finding themselves in. Typically, Republicans hate oversight and regulation. They believe that regulations and oversight interfere with profits, and as we all know, profits are everything. Protecting profits is more important than preventing the theft of a million dollars from the NRCC.

Even with the loss of a million dollars, House Republicans still cannot find it in their hearts to promote better regulation of Investment Firms. The Mortgage Industry is in tatters, foreclosures are dropping like rain, Investment Firms are hurting via SubPrime lending practices and are leading to extremely tight credit. The impact is you and I are getting the crap kicked out of us- that house you bought as part of Bush's Ownership Society at a teaser rate of 1.9% is now about to grow greatly, while the value of your home is plummeting.

Bush promised no bailout, but the Fed is pumping Billions of public dollars into these firms to bailout this industry. AT the same time, Republicans and Wall Street are crying foul at the idea of regulation. Let's see, no regulation leads to economic crisis requiring people and firms to be bailed out, and there's no need for more oversight to help prevent a repeat??