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Eat a Crap Sandwich, Get Stinky Indigestion.
Michelle Malkin referred to last week’s $800 Billion bailout as a "crap sandwich." At the time, I sort of agreed with her, but thought that we needed to vote for the bailout while holding our noses. What happened? Well, Mark October 8, 2008. The markets continued a freefall, and in my opinion, the economy toppled off its needle-thin pedestal into a depression. That is right; you read me correctly; America has borrowed itself into a depression.
Everything every detractor of the bailout said was correct. It’s all come to pass. Steve Chapman, a liberal with whom I am increasingly agreeing (as Mr. Chapman moves toward conservatism, this would naturally happen), wrote in today’s Chicago Tribune about the bailout’s inability to solve the problem. Mr Chapman writes,
"Instead of stimulating productive activity by removing doubt, it has impeded it by multiplying doubt. It has also encouraged lenders to hold off dealing with their bad debt in hopes of getting a better deal from the Treasury than they can dream of getting from anyone else. But postponing the banks’ rendezvous with reality will not speed recovery."
So, now the government has taken an overtly socialist and anti-American step that has, unequivocally, backfired. Politically, if Mr. McCain can hang this backfire onto the necks of Mr. Obama and his Democrat Congress, he wins the presidency, and has a decent chance of moving the Senate back to GOP hands. However, Mr. McCain needs to break with his gentlemanly habits of late and aggressively attack Mr. Obama where it hurts -- his sycophancy to the extreme left.
Mr. Obama took more money from Fannie Mae and Freddie Mac than anyone but the chairman of the committee that "regulated" the giant mortgage backers. Mr. Obama sided with congressmen and senators who pressured Fannie and Freddie to indirectly loan money to non-creditworthy persons by buying billions over billions of dollars worth of subprime-backed paper.
If Mr. McCain can show the people the truth, that we’re in an "Obama Depression," and that he has a real plan to get the government out of the way of the worldwide economy healing itself, then he wins. His honesty will solidify the already-solid base and then it will bring the undecided voters to the GOP. Otherwise, we’re destined for socialism, and a country run by the very 1960’s radicals who hated America then and hate America even more now.