As predicted, the Repbulican minority on Congress has ow offered up their own solution to our current financial crisis, and as predicted it varies greatly from the Bush Bailout plan. The first part of the plan is to abolish the capital gains tax, which would do exactly nothing to mitigate this financial downward spiral, but would allow the fantastically rich to pay even fewer taxes. The bullshit theory here is that destitute financial institutions would be able to re-coop more of their lost assests selling what little they have left without a capital gains tax. Of course, their alternative is bankruptcy, so they would have sold those assets anyway if they need to.

Step two is to privatize Freddie Mac and Fannie May and then – you’re going to love this – deregulate their crediting practices a bit more. No longer would such companies have to reveal the actual value of their assets. The third broken leg on this stool of fail is to repeal a law that expired in the year 2000.

So, in short, their solution for a financial crisis brough on by rampant deregulation, dishonesty and greed is to push those policies to an entirely new level. Neither of these plans is even remotely acceptable. This is the same old bag full of ideological bullshit that the GOP has been harping on for as long as I’ve been following politics. If only the rich didn’t have to pay taxes on the money they earn, we’d all be millionaires. And the government should keep its nose out of the private sector’s business – you know, unless they need some free money to help bury their mistakes.

Talk about a win / win for Republicans in Congress. They get to puff up their chests and make a big show of disagreeing with Ol’ Ninteen Percent himself,  and then they get to put forward a plan that’s actually worse for America and does jack-all nothing to correct the problem at hand. Touche, GOP. Tou-fucking-che.

This entry was posted on Wednesday, September 24th, 2008 at 1:17 pm and is filed under Politics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.