Via Rob Bluey, The Financial Bailout (and the New Resolution Trust Corp.) Must Restore the Markets and Protect the Taxpayer
Two friends and I were discussing the bailout, and as to our opinions, Jonah Goldberg couldn’t have said it better:
Basically, I think the bad paper should stay with the people who bought it. If we need to further capitalize the banks, create short term rules or cobble together other backstops, fine. But Paulson’s plan basically says, “I am the Lord thy God,” and that’s crazy. But it seems to me that Newt and the editors of NR are right when they worry that the Paulson plan essentially opens the door to unending government control of capital markets, which is just crazy. Even if I completely trusted the wisdom of Paulson and his bureaucrats — which I don’t — there’s no way that I trust the Dodds, Franks or the next Treasury secretary. Every day the markets don’t go off the cliff suggests to me that we can do this in stages and that Paulson’s do-it-my-way-or-it’s-the-Dark-Ages-for-us-all argument doesn’t hold water.
MACCALLUM: And what kind of broad approach would you like to see in Latin American? I mean, what is our intelligence like in Latin America, how, you know, sort of beat up are we and ready to deal with this situation that might crop up there?
BERNTSEN: We have a dual track problem there. There’s an assault on democracy in Latin America. You got countries like Venezuela and Bolivia. You know, the Bolivians just PNG’ed our ambassador. Venezuela PNG’ed our ambassador. You had the Bolivians just kick out the Drug Enforcement Agency there.
BERNSTEN: These people are aligning themselves with the Iranians. You’ve got Russian, you know, military exercises jointly with the Venezuelans. So you’re not going to get the level of cooperation that we had in the past. So, you know, we’re going to have to go ahead and push for the re-democratization of Latin America.
Senator McCain has talked about this. He’s talked about having, you know, a broad alliance of democratic nations and it goes back to fundamentals, goes back to the good governments, democracy, and a shared effort to fight against extremists. And it’s a global issue, this isn’t based on Afghanistan. I know we’re all looking at it at Afghanistan now.
Jane also sent an article that mentions little Najoud, YEMEN: Call to improve women’s status. I can not explain why I am so moved by this brave child. May God bless her and keep her.
And the roundup:
CAIR Files FEC Complaint that would make the word jihad illegal.
Moe’s feeling sorry for David Wade today: Biden to Pennsylvania: No Coal for You! and as it turns out, Joe Biden was watching TV during the Great Depression and thought FDR, not Hoover, was president. Can’t wait for the NYT to do a 3,000 word expose on Biden’s mental acuity. Let’s go to the videotape:
UPDATE, Wednesday 24 Sept.
As Victor Davis Hanson says, Had this been Palin, the election would now be over.
The One Million Dollar POS Obama. There’s bad art, and then there’s really bad… er… art.
Time for Ten Things Tuesday.
Special thanks to Maria and Larwyn.