Saturday, August 02, 2008

The DC GOP is going nowhere fast

In the July 25 WSJ, former GOP majority leader Dick Armey explains why the current Washington GOP is in the fast lane to nowhere:

Americans who work hard, pay taxes and play by the rules can't seem to get fair representation in Washington, D.C., these days. In the current debate over a government bailout of speculators, irresponsible banks, Fannie Mae and Freddie Mac, the responsible majority has once again been pushed aside in a legislative rush to "do something."

This should have been a perfect opportunity for Republicans, struggling to regain some standing with the American people, to rise united and demand real accountability and reform....

An explicit government guarantee for Fannie and Freddie could ultimately end up costing taxpayers more than $1 trillion, according to an analysis by Standard & Poor's in April.

The entire spectacle reinforces a persistent public prejudice that the GOP routinely defends the interests of their big business and Wall Street cronies at the expense of the little guy. Messrs. Dodd and Frank won't likely wear this political albatross. Republicans who go along with this GSE bailout certainly will.

Dick Armey is right about the GOP. But what can you expect from elected officials who seem to not even understand the phrase "monetary policy," let alone how significant it is?

Tim White

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