Bailouts, Tax Breaks and Deregulation. Three Strikes and You're Out!
Just an observation on the current banking crisis, taxes and government regulations and oversight. The people responsible (The people in charge) for the bad judgment (mismanagement) of our financial institutions - which means the economy - are at the same time the beneficiaries of the Bush Tax cuts. In other words the bad actors were rewarded for their good work! As I understand the McCain plan - these people will continue to receive the tax cuts, with more tax cuts added on, as a further reward for - What exactly did they do right?
These tax cuts would be on top of the reported bonuses they are due for their stellar work driving the major financial institutions of the country into the ground. Currently the democrats are trying to add oversight and accountability to the rescue package moving through congress. Some Republicans are trying to prevent oversight and accountability. It is hard to be surprised, because the current administration has a propensity to grant immunity to its friends.
I recommend the September 22nd Post by Juan Cole, who does a nice job of summarizing the past 8 years and the Bush economy.
