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Argument: GOP would do nothing but cut taxes; Obama is taking action

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Revision as of 15:35, 13 October 2011; Brooks Lindsay (Talk | contribs)
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E.J. Dionne. "GOP's Favorite Solution: Doing Nothing." Real Clear Politics. October 13th, 2011: "WASHINGTON -- So let’s see: The solution to large-scale abuses of the financial system, a breakdown of the private sector, extreme economic inequality and the failure of companies and individuals to invest and create jobs is -- well, to give even more money and power to very wealthy people, to disable government and to trust those who got us into the mess to get us out of it.

That’s a brief summary of the news from the Republican Party this week. It’s what Republican candidates said during the Washington Post-Bloomberg debate, and it’s the signal Senate Republicans sent in voting as a bloc against President Obama’s jobs bill. Don’t just do something, stand there.

Those who have plenty of capital to invest are holding back because consumers don’t have enough cash. But let's not give potential middle-class buyers jobs and money to spend. No, let's heap yet more resources onto investors. And if sharp guys made fortunes writing abusive mortgages, let’s repeal all the rules we just passed to prevent them from doing the same thing again.

Better yet, don’t blame the people who got the windfalls. Blame poor people. Thus did Rep. Michele Bachmann place responsibility for the mortgage mess on the Community Reinvestment Act, a law aimed at preventing discrimination against people in neighborhoods, many of them predominantly African-American, where banks wouldn’t make loans. The CRA had nothing to do with the proliferation of subprime mortgages; old-fashioned greed did the trick there. But it’s so much easier to pass the buck to the powerless. They don’t make many campaign contributions."

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