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A federal bank takeover is a bad thing obviously. I wonder though if we conservatives understand clearly enough why it is a bad thing. It’s not because we are living through an enactment of the early chapters of Atlas Shrugged. It’s because the banks are collapsing. Obama, Pelosi, et al are big-spending, high-taxing liberals. They are not socialists. They are no more eager to own these banks than the first President Bush was to own the savings and loan industry – in both cases, federal ownership was a final recourse after a terrible failure. And it was on our watch, not Obama’s, that this failure began. Our refusal to take notice of this obvious fact may excite the Republican faithful. But it is doing tremendous damage to our ability to respond effectively to the crisis.

The rest are in denial.

Conservatives

bank crisis bank failures David Frum federal bank takeover Nancy Pelosi President Bush President Obama

Obama’s speech

February 24, 2009 / Gerardo Orlando

Barack Obama has always excelled when it was time to give a big speech, and he delivered again tonight. He explained the crisis we face, along with his plans to address it. Some of mentioned that Obama needed to offer some hope, and that of course was an easy task for Obama.

But, he took things much further. he laid down the gauntlet on his agenda. He made it clear that he was committed to addressing energy, health care and education – this year!

One of the interesting details was his reference to finding $2 trillion of spending cuts over the next 10 years that he wants to cut. He mentioned farm subsidies for large agri-business and “cold-war” weapons systems as necessary cuts. The political fights here will be significant, but he made it clear he was willing to make serious cuts.

Democrats

Barack Obama cold war weapons systems cutting defense spending cutting military spending defense spending education reform farm subsidies health care costs health care reform military spending Obama spending cuts

Michael Steele will help sink the GOP

February 24, 2009 / Gerardo Orlando

The Republicans are in trouble. While many of them are giddy that they’ve rediscovered their “principles” by opposing Obama on the stimulus, the American people are not impressed. The GOP risks becoming a purer, yet much smaller party, as they cling to their old ideas and threaten anyone who breaks ranks.

Here’s Michael Steele, the new RNC chairman, indicating that he’d go along with punishing Senators who voted for the stimulus bill.

Given the realities facing the GOP in 2010, when they have five open seats to defend, it’s stunning that Steele would throw Arlen Specter under the bus. The Democrats only need one more seat to get to 60 in the Senate, and Steele is undermining Specter’s chances as a result of one vote!

Also, take a look at the video. Steele is very unprofessional with the language he uses. He refers to the host, Neil Cavuto, as “baby.” Have you ever seen someone try so hard to look cool?

Hat tip: Americablog

Conservatives, Culture War, Politics, Republicans

Michael Steele Michael Steele baby Michael Steele calls Neil Cavuto baby Michael Steele video Michael Steele will help sink the GOP Neil Cavuto

Fiscal reponsibility summit

February 23, 2009 / Gerardo Orlando

I’m listening to Obama’s remarks as he closes his Fiscal Responsibility Summit, and it’s rather stunning to see an interactive session that includes the President, and other leaders of our government like John McCain and Steny Hoyer. It was particularly interesting to hear John McCain speak and be supportive of the Obama Administration’s goal to get control of the military procurement process.

When looking at the list of attendees, it seems clear that Obama is serious about his goal to address the serious fiscal issues facing this nation. We are wasting billions of dollars with an inefficient health care system and wasteful weapons programs.

There seems to be some consensus on the potential of cutting corporate tax rates in exchange for closing loopholes.

Coupled with Obama’s aggressive, and honest, budget proposal, this might help generate some serious momentum for fiscal discipline.

Economy, Health Care, Policy

Barack Obama bi-partisanship closing tax loopholes cutting corporate tax rates cutting defense spending defense spending fiscal discipline Fiscal Responsibility Summit health care costs health care reform inefficient health care system John McCain military procurement process military spending Obama administration Obama budget proposal Social Security Steny Hoyer tax reform