We still do not know what will happen with the the Bailout Bill being debated by our Congressmen and Senators in Washington DC.
Center right opinion as to what should be done varies all over the map. The Wall Street Journal warns:
Above all, the risk is that the current panic will damage the overall economy and lead to a deep recession
They have a good point since the Great Depression was caused by bad government policies. However they conclude:
our vote is that this government intervention is justified to defend the system.
The Wall Street Journal also warns of the Democrat's efforts to add things to the Bailout Bill that will actually make things worse.
Democrats have already decided to spin off potentially billions of taxpayer dollars from the bailout fund to their own political buddies
This needs to be stopped, and the House Republicans supported by John McCain are trying to do so. Let there be no mistake, the Democrats have a majority in both the US House of Representatives and the US Senate, and therefore have the power to pass any bill they want. The only reason the Republicans have any power to influence the end result is that the Democrats are scared and want to be able to share the blame when the problems with the Bailout become apparent.
Michelle Malkin is one of those on the Center Right that most strongly opposes the Bailout. Her commentary can be read here.
Hugh Hewitt has been a strong supporter of the idea that a Bailout is required, even if it is less than ideal:
without it the financial crisis will spread and the small businesses of America and the people who own and staff them will be deeply injured. These businesses are the backbone of the economy, and they are in danger. This isn't just a bailout of Wall Street; it is a breakwall for Main Street.
Dr. Jerry Pournelle writes:
As I surmised, the bailout -- good idea or poor -- can't be made to happen until Barney Frank and Senator Dodd are allowed to wet their beaks. The Democrats want part of that pie. Obama's leadership abilities were put to the test, and apparently found wanting ...
It's a horrible bill. It gives arbitrary power to executive officials and absolves them from blame (barring actual theft). It potentially saddles every taxpayer (which is not the same as every citizen!) with several thousand dollars in debt. ...
There isn't a hell of a lot of leadership being shown here. ... That is probably not going to work. I sure hope something does before it's too late and nothing will work.
Dr. Pournelle's point about taxpayers versus citizens is that a very large percentage of the population don't pay any taxes and therefore only those who actually pay taxes will get the bill for paying for this.
Glenn Reynolds speaking of home ownership for the masses:
I agree, but it needs to be homes that people can actually afford.
Here in Boulder County Colorado and worse yet in the city of Boulder, our Democrat elected officials are doing their best to keep housing prices high by buying up every available scrap of land for Open Space. Those same officials are shocked shocked when there is so little affordable housing in the city of Boulder and Boulder County. They don't seem to get the concept that when they take land off the market, all housing will go up in price including affordable housing.
Rick Newman in US News and World Report writes:
How to Punish Wall Street, Protect Main Street
Federal loan sharks: what a concept. In exchange for its deep pockets, the government funded by you and me could keep our financial-service providers in business and either make money on the deal through fees and high interest rates, or cause its borrowers so much discomfort that they race to get out of hock. Now, there's a deal that's too good to refuse.
We can only hope that the Bailout does more good than harm.