This thread discusses the Content article: Matheson says he'll vote against bailout measure

Well, by golly,... See, Democrats aren't all bad.

Good on Jim Matheson!

Seems like this one has been around all the other sheep in town.

Pittakos wrote:
This thread discusses the Content article: Matheson says he'll vote against bailout measure

Well, by golly,... See, Democrats aren't all bad.

Good on Jim Matheson!

There are good Democrats, good Republicans, bad Democrats, and bad Republicans.

It's good to see Matheson's methodical approach. Hope he's looking at the greatly streamlined Stone Plan as a template for doing the heavy lifting for under $100B, not $700B
http://www.pilmerpr.com/blog target="_blank">
http://www.pilmerpr.com/blog

Congress didn't unfreeze the credit markets in 1930 and well... the rest is history. It is okay to vote against the bailout or whatever people decide to call it, but the stock market, which I consider to be mentally ill, is totally prepared to sink itself into oblivion and wreck the U.S. economy for everyone if it doesn't get what it wants. It is unfortunate that investors are blackmailing our whole economy, but under the circumstance, what choice do we have but to support this bailout. I for one, am not looking forward to the return of 25% unemployment and soup lines because of a fundamental lack of understanding of how our financial system and Wall Street operate. The people that aren't supporting the bailout are not offering other solutions, and a solution is needed because doing nothing is simply a repeat of Herbert Hoover and the Republican policies that made a bad situation much, much worse in the early 1930's. I challenge anyone to read a history book on the Great Depression and come to the realization that our current situation is very, very similar to the one of nearly 80 years ago and Rep. Matheson is in lock-step with the same failed policies of Herbert Hoover.

The proposed $810 billion giveaway (including pork) would actually make America's real economic problems worse, because the money would be indirectly borrowed from foreign governments. The US is a debtor nation and doesn't have that kind of cash to give away. The money involved would be paid for by the U.S. taxpayer who would not only pay interest on these loans, but would also pay for them with U.S. manufacturing jobs!

Foreign governments have been buying dollars in the currency markets in order to keep their own currencies at an artificially low price and lending those dollars back to the United States to earn interest. As a result of these currency manipulations and loans, the Chinese currency, for example, is about 40 percent lower than it should be, making Chinese labor 40 percent cheaper than it would otherwise be. And the artificially low Chinese currency makes American products cost 40 percent more in China, plus an additional 15 percent duty added by the Chinese Value-Added Tax in accordance with WTO rules, plus the additional 25 percent tariff that the Chinese charge on most American manufactured goods, including vehicles and mining machinery in accordance with WTO rules. Is it any wonder that the Chinese people, whose economy is growing by about 10 percent per year, hardly buy our products at all, given that our products usually cost 80 percent more in China than they would cost if the playing field were level?

It is possible to look down the road and see exactly where Paulson's plan leads. The United States would borrow more and more from foreign governments in order to finance increasing giveaways from our national treasury. In return, these countries would get our remaining home appliance, automobile, motorcycle, mining equipment, high-tech and aircraft production industries. Eventually, the ever-increasing U.S. government borrowing would cause the U.S. government's credit rating to collapse. The only way to prevent the complete collapse of the United States government would be either to repudiate its debts or to inflate away its debt. The United States would be left impoverished, while the anti-democratic communist government of China would come to dominate the world.

Remember Red China threatening to stop lending to the US? Next time Cannon, Hatch, and Bennett shows their face in public, someone ask them how it feels to be slapped around by the Reds.