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Greg

Peg you are on something when you state that you are a

"let's bite the bullet and take our medicine right now".

You have been pretty consistent on that point, and you are still true to it. With that I agree with you 100%. But I will have to admit that my agreement comes from a different set of reasons than yours, but I am not for the bailout.

I am against the bailout simply because I hope this puts the end to this complete no regulations complete free market notion the Republicans have been screaming for the last 20 years. If they believe in the free markets and Laissez-Faire capitalism then the market should take care of itself. What I hope we are seeing is that the grand experiment of deregulation has ended, and ended badly. The deregulation movement is now an historical footnote, just another interest group, and once in power they turned into socialists. Indeed, judging by the actions of the conservatives in power, and not the empty rhetoric that comes out of think tanks, the conservative movement has effectively turned the United States into a massive Socialist state, an appendage of Communist Russia, China and Venezuela.

Now is the above statement a little over the top? Yes it is, but I hope people will remember this in the future next time some conservative starts talking about totally free markets. I said it once, and I will repeat myself again, all regulations are not bad. Yes too much regulation does and will hurt business, but we have seen what happens when there is none to far too little regulations.

In my opinion (and it is only an opinion) this is a referendum of the Republican Party's ideology. The Republicans have made so many claims over the last few years and now it is time to see if their is proof in the pudding. So what do I mean. Republicans have for years made the following claims, and I believe these claims are nothing more than old wives tales. Such claims goes as follows:

We are the party of small government

Actually, this week simply added to the the end of this claim. Under Bush II, discretionary spending has increased from $640 billion to $1.040 trillion dollars (that is if this plan goes through).

Once again as has been stated before Bill Clinton was the only presidency since Eisenhower's to leave office with a smaller federal workforce that he started with. This includes Bush, Bush II, Reagan, Ford, and Nixon notwithstanding.

We Support Free Markets

Let is not forget last week the SEC banned short-selling in financial shares. Short-selling is essentially betting that a stock's price will go down. The SEC hopes the ban will reduce downward pressure on the market, but some think it will backfire. Wall Streeter Barry Ritholtz says that the SEC action reverses 1,000 years of theory about how free markets should work.

So in short, markets are supported when they are going up. But when they are going down, we're going to do everything we can to prevent them from going down. Privatize the profits, socialize the losses.

We Are the Party of Fiscal Responsibility.

No they aren't. No Republican president has ever balanced a budget. While Republicans have argued that Reagan had to contend with Democrats, but as usual this is a lie. Republicans controlled the Senate for the first six years of Reagan's first two terms. Bush II did not for 6 years. Under this scenario where the Republicans controlled all branches of government they never even came close to balancing a budget.

Remember that over 70% of the United States debt has been created by just 3 Republican Presidents.

We are the Party of Personal Responsibility

Again, big lie. When companies make really stupid decisions the Federal government bails them out. Just ask any shareholder of AIG. Or any taxpayer who will not help to finance the latest government bail-out.

Simply put, this week has demonstrated a key point: when the going gets tough, the Republicans become socialists.

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