Senator Richard Shelby (R-AL) is not pleased with the Democratic proposals coming out to "bail out" for the financial system. Shelby, who until the early 90's served in the Senate as a Democrat, is no stranger to the way that Democrats do business, which is part and parcel the reason he chose to switch parties, with the support of the majority of his constituency in his home state of Alabama, who have chosen to return him to his office since his party switch.
Republicans by and large are claiming that they have the leverage that they need to make sure that any "bail out" that is approved be done the way that they want it to be done, otherwise they will continue to balk at proposals being laid forth by Democrats, claiming that the Democrats alone will be responsible for any flawed legislation that is passed in an effort to save the United States financial system.
Reps. Eric Cantor (R-Va.) and Paul Ryan (R-Wis.) are leading an effort by House Republicans to circulate the set of principles to their colleagues and like-minded Democrats, according to a senior Republican.
Asked whether the effort comes too late, the GOP official said the votes would be leverage enough to have the principles considered by congressional negotiators.
House Speaker Nancy Pelosi (D-Calif.) has indicated that a bill will not be brought to the floor without broad Republican support.
GOP presidential candidate Sen. John McCain (Ariz.) and the White House have been made aware of their alternative.
Fingers are being pointed on both sides of the aisle, as always, as politicians attempt to pass the blame for the economic situation from one to the other, with neither side truly being capable of standing in either blame nor credit for the state of the nation's economy, unless it such blame lies in economic policies that put burdens upon American businesses and their ability to conduct trade and commercial ventures both at home and abroad. The decline of the American economy lies more in the way that we have been forced, by necessity of economic survival on the part of our industry, to have our manufacturing base moved overseas and off shore due to regulatory and tax structures that make it unprofitable for large industry to maintain operations domestically. Both parties can take credit for that development.
Who suffers? The American people. There is much caution that needs to be undertaken in any federal aid lent to the financial system; caution that the tenets of the United States Constitution are not violated, caution that any aid is not a first step towards nationalization of any industry, caution that any aid rendered does no harm to the American public.
To give credit where it is due, several Republican members of the House and Senate have been warning of this coming meltdown for years, with Democrats calling for and pushing legislation for cheaper and more available credit for the public. Cheap and easy credit, if one looks to history, were the main causes for the market failures leading to the great depression, a global economic nightmare that gave rise to the regime of Adolf Hitler and the Third Reich, a situation that I don't think anyone wishes to see repeated less than 100 years after the rise of the last world war.
Any "bail out," a misnomer created by the main stream media, once again, for a loan proposal in which money lent to the financial institutions would be repaid to the federal government, will have to be carefully crafted and such safeguards included that the monies lent are tightly regulated, monitored, and assurances made that there be no room for abuse of the funds lent to companies so that they can continue to operate. The failure of these businesses, the inability of banking and lending to lend money to business, means an overall shutdown of the American economy at large. Such a situation would have global repercussions, creating a hole in the economic stability of other nations who trade with us, and who, in turn, trade with other nations.
This is a much larger and more broad scoped problem than many people realize.
Once and Always, an American Fighting Man