[lbo-talk] NYT: Dems, McCain differ on whom should get bailed out, analyst says

B. docile_body at yahoo.com
Fri Mar 28 04:08:58 PDT 2008


[Here's the huge issue that's still not being covered on major lib blogs! Like DailyKos, which is a one-note Pro-Obamania sounding board. Maybe it will get covered now that the Mighty One has weighed in on it? And almost no one is linking it to homelessness vs. highest US home vacancy rate since 1956, when records began. -B.]

The New York Times

Parties Differ on Whom Economic Aid Should Help By EDMUND L. ANDREWS

Published: March 28, 2008

[...]

Mr. McCain and the Bush administration, meanwhile, have staunchly supported one of the biggest government interventions in the last century: the Federal Reserve’s decision to lend as much as $400 billion at rock-bottom rates to banks and Wall Street firms.

The Fed’s rescue operation involves a sum many times more than Democrats proposed spending on homeowners, and it comes on top of a host of other injections of government money into the economy. First came the bipartisan economic stimulus package, which this year alone will provide about $152 billion in tax rebates and temporary tax cuts to help spur consumption.

Then came a series of moves to greatly expand the roles of Fannie Mae and Freddie Mac, the giant government-sponsored mortgage finance companies.

And this week, the Federal Home Loan Bank Board decided to lend an extra $100 billion to member banks for mortgage financing.

In a speech this week, Mrs. Clinton compared Mr. McCain’s approach to that of Herbert Hoover, and said, “I don’t think we can afford four more years of that kind of inaction.” Mr. Obama, laying down his own marker on Thursday, declared that “the free market was never meant to be a free license to take whatever you can get.”

[...]

http://www.nytimes.com/2008/03/28/business/28regulate.html?_r=1&th&emc=th&oref=slogin



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