The Bankruptcy of the Nation and Conservatism

AIM Column  |  By Cliff Kincaid  |  November 6, 2008

Because Wall Street has gotten its bailout, the Democrats figure that they can now spend even more, supposedly to benefit Main Street.

A lot will be said and written about the presidential election, but one central fact remains: John McCain was ahead in the polls until the financial crisis emerged and President Bush was pushed by Treasury Secretary Paulson into seeking a $700-billion Wall Street bailout on September 18. The crisis benefited Obama, even though he voted for the bailout, because he was not a Republican, like McCain or Bush. Republicans were blamed because a Republican was in the White House. The exit polls on November 4 still found the public opposed to the bailout by a 56-39 percent margin. 
The panic around mid-September infected the conservative media, especially Fox News, which became a soapbox for the bailout that now exceeds $1.8 trillion. But rather than bail out or "rescue" anything, the hastily–passed measure, ironically named the "Emergency Economic Stabilization Act of 2008," started a process that now threatens national bankruptcy.Click here for full article: http://www.aim.org/aim-column/the-bankruptcy-of-the-nation-and-conservatism/