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Monday, February 9, 2009
Obama's Dangerous Bank Bailout........
Team Obama is wrestling internally over the bank bailout supposedly to be introduced next week. We naturally are on the edge of our seats. But let's understand something: The taxpayer already stands behind the banking system, and is on the hook for its losses in one sense or another. Moreover, that guarantee has become more and more explicit in recent months -- which is not an unmixed blessing, since such explicitness has tended to create new uncertainty among those stakeholders not specifically included in the safety net...Link
Now He's against Bailouts.............
President Barack Obama’s Republican rival for the White House last year hardened his opposition to the administration’s planned economic recovery package Sunday. “I think this can only be described as generational theft. What we are doing is amassing multi-trillions of dollars,” said Sen. John McCain (R-Ariz.), speaking on CBS’s “Face The Nation” with Bob Schieffer. Schieffer pressed McCain on whether he would support the bill considering economists from across the political spectrum have recommended a large stimulus package to rejuvenate the economy. But the Arizona senator said he could not, seeing the legislation not necessarily as a stimulus for the economy but rather as a vehicle for spending programs and policy prescriptions long desired by Democrats.....Link
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