By January, he will have accomplished more than any first-year president since Franklin Roosevelt.

Nov 28, 2009

Senator Byron L.

An op-ed by one of the three founding trustees of the conservative think tank Heritage Foundation that answers, among other things, how fiscal conservatives should look at the bailout:

"How, for example, should conservatives react to stimulus and bailout proposals in the face of an economic meltdown? The wall between government and the private sector is an essential feature of our democracy. At the same time, if there is a dominant identifier of conservatism -- political, social, psychological -- it is prudence.

If proposals seem unworkable or unwise (if they do not contain provisions for taxpayers to recoup their investment; if they do not allow for taxpayers, as de facto shareholders, to insist on sound management practices; if they would allow government officials to make production and pricing decisions), conservatives have a responsibility to resist. But they also have an obligation to propose alternative solutions. It is government's job -- Reagan again -- to provide opportunity and foster productivity. With the nation in financial collapse, nothing is more imprudent -- more antithetical to true conservatism -- than to do nothing."

By that measure Obama's five principles for the bailout sound pretty prudent.

http://www.latimes.com/news/opinion/la-oe-edwards24-2009jan24,0,653092.story

Reagan wouldn't recognized this GOP

The Gipper may be the patron saint of Limbaugh and Coulter, but he'd be amazed at what's been done in his name.

By Mickey Edwards
January 24, 2009

In my mind's eye, I can see Ronald Reagan, wearing wings and a Stetson, perched on a cloud and watching all the goings-on down here in his old earthly home. Laughing, rolling his eyes and whacking his forehead over the absurdities he sees, he's watching his old political party as it twists itself into ever more complex knots, punctuated only by pauses to invoke the Gipper's name. It's been said that God would be amazed by what his followers ascribe to him; believe me, Reagan would be similarly amazed by what his most fervent admirers cite in their desire to be seen as true-blue Reaganites.

McCain's talk radio supporters are trying to rewrite history regarding the causes of the financial crisis.

This article sets the record straight.

By David Goldstein and Kevin G. Hall | McClatchy Newspapers

WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

NYTimes: The Reckoning: Agency’s ’04 Rule Let Banks Pile Up New Debt