Posted by AzBlueMeanie:
America's banks are insolvent and their ability to extend credit frozen. Undercapitalized banks are being seized every Friday by the FDIC. America's five largest investment banks are no more. Wall Street's exotic complex investment schemes have been discovered to be a witches brew of toxic debts, a house of cards Ponzi Scheme of immense proportion. Individual retirement accounts and investment accounts have been wiped out. Home foreclosures are occurring at a record pace. Businesses are failing and closing their doors. Jobs are disappearing at the alarming rate of 500,000 per month. For the first time since the Great Depression there is economic data to suggest that deflation has reared its ugly head. Our economy stands on the brink of another depression.
Any rational American is aware of the desperate circumstances this country finds itself in and instinctively understands that bold and swift action by the government is needed to arrest this economic slide before it spirals out of control. Only the government has the necessary resources at its disposal to arrest an economic slide of this magnitude when private capital has fled in fear from the playing field. Everyone understands that it is critical to put aside partisan political gamesmanship for perceived electoral advantage and to come together to save this country from impending economic disaster in a moment of great crisis.
Everyone that is except for Republicans in Congress.
Last week every Republican voted against the American Recovery and Reinvestment Act, save for the last two surviving Republicans in New England, Maine senators Olympia Snowe and Susan Collins, and Sen. Arlen Specter of Pennsylvania who faces near certain defeat in his reelection bid in 2010. So much for Republicans putting their "country first." They put partisan politics first.
Their actions reminded me of the classic New York Daily News headline from 1975 when New York City's government was on the verge of bankruptcy and the federal government refused to bail out the city (see right). At our greatest moment of economic peril since the Great Depression the Republican Party in unison told the American people to "drop dead!"
Congressional Republicans are more afraid of facing a primary challenger from the rabid right-wing fringe of their party and being targeted for defeat by their stable of rabid radio talk show hosts and political action committees than they are afraid of being responsible for this country sliding into a spiral of economic depression – and taking the world's economy down with us. Republicans are engaged in a partisan political game of playing to their rabid right-wing base at a time when our economy is circling the drain.
Republican opposition to rescuing the country from impending economic disaster is actually a designed political strategy. Republicans have decided to follow the "party of rejection and obstruction" strategy employed by Rep. Newt Gingrich in 1993. President Clinton's economic stimulus bill in 1993 also did not receive a single Republican vote. House Minority Whip Rep. Eric Cantor (R-VA) asserted last week that he wants to be the next Newt Gingrich. This ain't 1993 and you ain't Newt Gingrich, congressman. This rejectionist and obstructionist strategy is an epic fail during times of severe economic crisis.
Republicans staged a chorus line of drama queens last week, led by Representatives John Boehner and Eric Cantor and Senators Mitch McConnell and Lindsey Graham, to pitch their histrionic hissy-fits for the news camera and whine about a lack of "bipartisanship."
First of all, the Republicans were consulted by the White House (there are even photos to prove it you maroons!), far more than George Bush ever consulted with the Democrats.
Secondly, where did these drama queens stand back in 2004 when House Speaker Dennis Hastert announced "the majority of the majority" rule Hastert Launches a Partisan Policy for consideration of any House bill, effectively listening only to his Republican base? Where did these drama queens stand back in 2005 when senate Republicans threatened to unleash the "nuclear option" to prevent Democrats from using long-established senate filibuster rules to block controversial judicial nominations? Republican threats of "nuclear option" put United States at brink of parliamentary war
By comparison, the Republicans have been treated extremely well by the current Democratic leadership and the Obama White House. Too damn well in my opinion.
But what I found most disturbing about this vote was the pathetic debate performances delivered by Arizona's own twin embarrassments, "Senator Obstruction," Jon Kyl, and "Senator Sore Loser," John McCain. They truly outdid themselves. Their conduct was simply shameful. They have dishonored the citizens of this state by their actions.