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“For the first time in my life,I will be voting against a Republican candidate for president.”.
August 20, 2012 | Filed under: Politics | Posted by: MJ
A life-long Republican, voted for John McCain, and supported Mitt Romney as the most realistic candidate in the primaries. However, as both a Republican and more importantly an American, I did not share Rush Limbaugh’s view expressed in January 2009: “I disagree fervently with the people on our side of the aisle who have caved and who say, ‘Well, I hope he succeeds’… I hope he fails.” Nor do I agree with Senate Minority Leader Mitch McConnell who in October of 2010, was asked what “the job” of Republicans in Congress was. McConnell answered, “The single most important thing we want to achieve is for President Obama to be a one-term president.” We were in the middle of the greatest economic crisis since the 1930′s and my party has as its main goal trying to make sure the president fails — even if the country fails right along with him. What has happened to my Republican party, this is not a sporting event, we all either win or lose together.
In the past, Republicans were pragmatic, not ideological; they would ask “does it work”, not “does it fit into my theory.”Ronald Reagan is known for his tax cuts, but he also pragmatically raised taxes 11 times to address the growing budget deficit, and had a good relationship with Democratic Speaker of the House Tip O’Neill. Since Reagan was pragmatic, not ideological, he compromised and worked with congress and accomplished what needed to be done to help the economy. Pragmatic non-ideological republican presidents never had a problem expanding the national government to solve national problems. Republican President Nixon created the Environmental Protection Agency (EPA) and Republican President Theodore Roosevelt created the Food and Drug Administration (FDA). Republican President Ford created the first federal regulatory program in education, with a program for special needs children. Republican President George Bush Sr. signed the Americans with Disabilities Act of 1990, and raised taxes to fight the deficit. Republican President Eisenhower warned: “we must guard against the acquisition of unwarranted influence, by the military–industrial complex” and was responsible for one of the largest Infrastructure projects in American history (Interstate Highway System). President Eisenhower also sent federal troops to Little Rock Arkansas so that discrimination against black school children would be ended. These men were not Left-wing radical hippies, but the “Tea Party movement” and their supporters in Congress would call them Socialist While I question many of President Obama’s policies, I can not be sure Mitt’s policies regarding the economy would have been any better. Mitt’s business experience and wealth come from Wall Street, not Main Street, and I doubt he would have broken up the banks “too big to fail.” As he said “The TARP (bank bailout) program was designed to keep the financial system going,” and as a CEO of a private equity firm, he was a part of this financial system. If anything, given his background and avowed dislike of government regulation, I believe Mitt would have been even more hands off overseeing Wall Street and the banks “too big to fail.” I know this non-involvement would NOT help a small business on Main Street. The firms which benefited from TARP, acted completely irresponsibly and contrary to the intent of the program by giving their executives huge bonuses, while restricting credit to small businesses. The problem with TARP, a program devised under President Bush, was too little regulation not too much.
I am very disappointed in the pace of the economic recovery, yet I also know this was not an ordinary business cycle recession. It was initiated by an institutional Bank Panic in 2008, akin to the 1929 Wall Street Crash, in which some of the largest and most prestigious banks and financial corporations were threatened with failure and bankruptcy (ie Lehman Brothers, Merrill Lynch, AIG, etc). By the end of 2008 the lost of potential purchasing power (decline in value of homes, stocks, IRA’s etc) in the United States alone, exceeded 14.5 TRILLION DOLLARS. Thanks to an old regulation left over from the 1930′s, the FDIC, the anxiety and fear did not spread to small depositors at local banks, so there was no run on these small local banks. If not for the FDIC the economic crisis we faced would have been much worse, proving not all regulation is bad. However, since these small local banks also had their assets affected by the crisis, and the large banks were not extending credit to them, they could not make loans. The flow of small business credit dried up. The prevailing fear was that this panic would feed on itself, so that the economy would continue to spiral down. Talk of a second Great Depression, with its unemployment rate of more then 25% became widespread.
It was once said, “As GM goes, so goes the nation.” As people lost purchasing power, the demand for new cars dried up as people stopped buying them. This caused the car companies, including GM, to become threatened with bankruptcy. If the car companies went bankrupt, more then 100,000 additional workers would be unemployed. It was feared this would only be the tip of the iceberg as people wondered what would be the ripple effect on car part manufacturers, and what would be the effect on consumer confidence? Obama deviated from TRAP’s stated purpose when he, without congressional authorization, used TARP to bail out GM and Chrysler thereby saving them from bankruptcy. Mitt would have not done this, as he stated: “Let Detroit Go Bankrupt.” However, who would bid for these companies at this time of economic uncertainty, even Mitt’s former company, Bain Capital, had reduced their acquisitions. I fear that China, for symbolic, political, and economic reasons might have bid to take over GM in a bankruptcy proceeding. This may seem farfetched until you realize GM sold more cars in China last year, then it sold in the United States. While I strongly oppose Obama’s actions in theory, in practicality there may have been no other choice. Obama was pragmatic, he made a decision that solved the problem.
"For the first time in my life, I will be voting against a Republican | KeepThis100
