If the GOP Would’ve Taken My Advice
Jim Babka on Oct 10th 2008
If the Republican Party would’ve taken my advice, John McCain would’ve won the election and the Republicans would’ve won back the House.
Here’s the advice I was offering: Oppose the bailout.
For the “maverick” in this race, it would’ve been the most “mavericky” thing he could’ve done. But he went along with the insider establishment — which, btw, is his real standard operating procedure.
For the House GOP it would’ve been a return to the apex of the Gingrich-led revolution. The leaders of that revolution, Newt Gingrich and Dick Armey, both no longer in the House, opposed the bailout.
But the Dow has gone down 1900 points since the bailout. The S&P has declined more than 250 points. GM and Ford are teetering.
And now, the same media that drank the bailout Kool-Aid — that run virtual infomercials in support of it — is beginning to question (just beginning) whether or not it was the right move.
So is the public. And nowhere is this sentiment more strongly represented than in the markets. People are running for cover. “We’re from the government and we’re here to help.” Those are scary words that are spooking the market.
And the GOP, by sticking to their alleged principles, they could’ve won in November.
No one in the leadership of the Republican party, with the possible exception of Mike Pence (R-IN), represented the majority position according to the polls — and now, according to the market.
That’s just dumb.
Yet no one is making that point on Hardball yet (but they will, because I keep saying…) Hardball delenda est. And the bailouts must stop!
P.S. Plug: If you feel you’ve lost your voice because the Rs and Ds are in lock-step on these bailouts, DownsizeDC.org has opposed the Big Bailout, and we’ll oppose the next one, and the one after that. Please join us. Sign Up.
Filed in The Bureau