Comments on: Arkansas Lawmakers Address Financial Bail-Outs

By: JMW

JMW — Wed, 24 Sep 2008 14:49:02 +0000

Rep. Thaddeus McCotter has offered a ten-point plan that would resolve the crisis at little or no cost to taxpayers. He's definitely on to something. Read more here: http://www.spectator.org/dsp_article.asp?art_id=13933

By: JMW

JMW — Wed, 24 Sep 2008 14:26:03 +0000

Yes, Snyder is correct in saying we must do something, but I’m disappointed none of them are questioning the method Paulson has chosen. The essential problem is the collapse of bank equity brought about by the sub-prime mortgage mess, which itself has been amplified by the mark-to-market accounting rules imposed after Enron. We can fix the problem by suspending the accounting rules, or by using the $700 billion to buy new equity in the banks in exchange for an ownership share. Do that, and you fix the problem without screwing the taxpayers in the process. But the Paulson plan fixes the problem by both screwing the taxpayers and enriching Wall Street even more in the process.

Contrary to the earlier comment, the “Market” can’t fix this problem alone. This mess is the direct result of a decade of government misfeasance and malfeasance; the market distortions wrought by past government action are too deeply imbedded to be fixed by the market alone. Government created the problem, now government has to fix it. Otherwise, we face a repeat of the Great Depression.

By: AKA Bryce

AKA Bryce — Wed, 24 Sep 2008 14:25:13 +0000

Guys I know he is an attorney and M.D. Trying to bring a little humor my favorite blog. As a matter of fact law school in Little rock was his only tie to Arkansas. His background, values, belief structure, and education, all from the good ole state of Oregon.

By: Mark Moore

Mark Moore — Wed, 24 Sep 2008 01:21:36 +0000

Let them all go bankrupt and stockholders sue the execs who raided the companies. THE MARKET will hold them accountable. Blank Lincoln is schizo on this: She wants to SHIELD them from the accountability of the market while INCREASING their “accountability” to the federal government.

Thieving idiots! THEY (Dem and Repub alike) brought this on by 1) loose FED policy 2) leaning on banks to give risky no-down loans to people who historically were poor credit risks and 3) repealing the Glass-Steagall Act.

Synder SOUNDS like a grown-up. Real “sophisticated”, too much so for my tastes. Just like he is too “sophisticated” to protect innocent unborn human life, he is too “sophisticated” to let it bother him that he is putting every tax payer on the hook for 5 grand while the CEO’s who messed up walk away with millions.

I’m just not that “sophisticated”. I actually get upset when innocent people get screwed over by corruption with the aide of the government. I guess I’m just not cool like Vic!

By: Forche River Rex

Forche River Rex — Wed, 24 Sep 2008 00:28:12 +0000

Kudos to Snyder. And Bryce, he is an Attorney…and a MD. So I guess if he talks about medical procedures like an attorney…he has good cause.

By: David Kinkade

David Kinkade — Tue, 23 Sep 2008 21:55:26 +0000

In fairness, I’d suggest that you read the responses from the other members of the Arkansas Congressional delegation in the context of the story before you blast Snyder. Lincoln complains about executive pay, a tangential issue; Marion Berry preens about “standing up for the little guy” or something; Mike Ross blathers like an idiot. In context, Snyder comes off sounding like a grown-up.
D.

By: Ashley Higgins

Ashley Higgins — Tue, 23 Sep 2008 21:27:12 +0000

Snyder’s an M.D., I think. The problem with the analogy is that the financial turmoil we are in seems to be somewhat more significant than a mere boil that needs lancing. And I suspect that few in Congress, including the Arkansas delegation, have a clue what to do.

By: David Kinkade

David Kinkade — Tue, 23 Sep 2008 21:21:59 +0000

Bryce,
Well, he is a physician, though I can’t speak to exactly how many boils he may have lanced in his day. Still, I imagine he has a better sense of that particular metaphor than most of the rest of us, when it comes right down to it.
D.

By: AKA Bryce

AKA Bryce — Tue, 23 Sep 2008 20:49:47 +0000

“Speed is of the essence, said Rep. Vic Snyder, a Democrat. Congress needs to “lance the boil,” he said, in order to avoid a prolonged economic slump.”

What in the world would he know about lancing a boil? He’s a congresman for petes sake. The way he carries on you would think he is a attorney. What has this guy ever accomplished in his life?

I am just saying……..he does not seem very bright.