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Discussion Starter · #1 ·
good read, unfortunately a lot of truth here too...

By Howard Fineman
MSNBC contributor
updated 1 hour, 49 minutes ago
WASHINGTON - The Obama Administration began at midnight Sunday.

Okay, I exaggerate.

But I am trying to make a point.

Story continues below ↓
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Which is this: Even if Sen. Barack Obama loses the presidential election - and of course he may - the playing field of our politics now has shifted seismically in his philosophical direction.

The era of cowboy capitalism has died, largely of self-inflicted wounds. Who knows what's coming now? I do: A new era of tight business regulation and government intervention in the markets.

For now, and perhaps for many years, there will be no going back.

The Rubicon was crossed this weekend, when the deal was struck for a $700 billion federal takeover of the carcass of Wall Street.

At that moment, the conservative era in America, which began with Ronald Reagan's election in 1980, ended. It did so not with a bang, but with a whimper - a cry of help from erstwhile Masters of the Universe who suddenly feared for their platinum-level lives.

Treasury Secretary Hank Paulson could hear those cries because, until two years ago, he was a Master himself.

For decades, conservatives had fought - in very good conscience - to unshackle free enterprise from the grip of statist thinking, the kind of thinking represented at its most suffocating by communism. It was a worthy fight; Hayek was right: the "road to serfdom" lies in the idea that The State is the answer to everything.

But Wall Street and Washington (especially the hacks at Fannie Mae and Freddie Mac) produced, in addition to colossal profits, a farrago of greed unseen since the Roaring Twenties, which was the last time, by the way, that the gulf between the rich and poor was as wide as it is today.

That party is over.

If Obama does win, it will be because of the economic crisis now upon us, of which the bailout it the capstone and political symbol.

The crisis has had two pro-Obama effects.

For one, it yanked the national consciousness away from security and terrorism, Sen. John McCain's two strongest areas of expertise and appeal.

Second, the crisis underscored and amplified the yearning in the country for something - and someone - new. Voters have been saying for more than a year that they change before. Now they REALLY want it.

Suddenly, "experience" and purported expertise mean next to nothing. After all, Dick Cheney was "experienced," and what did that get us? And George W. Bush had an MBA for Harvard! And what did that get us?

Cheney and Bush have given credentials a bad name. If that is the case, why not go for a fellow who by virtue of his very being represents change: a new generation, a new demographic, a new outlook?

Foreclosures are key element missing in plan
The winners, and losers in a post-bailout U.S.
Bush says bailout bill will help economy
Democrats got many concessions in bailout
Midnight in the Capitol: 'Finally,' a deal
Breaking down the proposal
Fineman: Bailout ushers in the era of Obama
Want to know if it works? Watch the banks

And Obama does represent something new - or, rather, something old that is new again. He believes it is the role of government to help people and regulate the markets. He is a lawyer by training, and believes in the use of the law (and the courts) for the common good. He doesn't, frankly, know much about economics or the profits - those were not his specialties in law or life.

He's a law professor and community organizer! Those are two categories it has been fashionable for conservatives to revile for decades. Well, perhaps the wheel turns.

It's no coincidence that Obama now has his biggest lead in the Gallup Daily Tracking Poll. Watch and see what happens now.

In fairness, Democrats (the "soft money" hedge-fund crowd of the Clinton 90s and the party hacks who got rich at Fannie and Freddie) are as guilty as the Bush-era Republicans (who argued against ANY regulation of anything).

But, as the Kennedys liked to say, life isn't fair - and neither is politics.

More on this story
Live vote: Was it the right thing to do?
Newsvine: Discuss whether bailout is the answer

McCain is desperately trying to show that he, too, is willing to blame Republicans, but the more he does so the deeper he digs himself into a hole. The senator was right when he labeled Chris Cox, the chairman of the SEC, one of the culprits. Cox should have had the decency to resign. But the fact that McCain was right about Cox just proves the point. It was Bush, who nominated all three horsemen of the apocalypse - Cox, Paulson and Federal Reserve Chairman Ben Bernanke.

Politics is like baseball. If your team loses, you remember who struck out in the ninth inning, not who struck out in the fourth.

And we're in the ninth.
 

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Why isn't there more mention of the 90 million that Obama's economic advisor collected from fanny/freddy in the last 6 years. This whole thing stinks and McCain should point it out with the zest and vigor that he attacks earmarks with. The first draft had an earmark for Acorn???? What is going on with our politicians?
 

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ACORN is a very radical very dangerous group. I think Obama and Bill Ayers have both worked with that group. Perhaps together. The democrats tried to include in their rescue bill 20% returns be given to ACORN. This group wants to see full scale socialism in America, or even more radical.
 

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Discussion Starter · #4 ·
i fault the repubs for going along with it and their failure to expose the earmark...i think both parties are in this up to their necks....i trust no one in government, no one.
 

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At worst, we are headed toward... A newly recast Socialistic America.

At best, we are headed toward ... A longer more drawn out recovery.

We got to this place by imagining ourselves wealthy with wealth that does not exist ... by buying things with money that does not exist.

The recovery will be longer and more drawn out because now the Federal Government is trying to buy our way out of the mess using (you may have guessed it by now) ... once again ... using money that still does not exist.

Or so it seems to me.
 

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Hunter9494,
Conservatives will always point out problems within our party and candidates. Liberals will follow blindly behind their candidates. When our representatives don't represent us they feel it at election time. Liberals seem to blindly pull the lever for their candidates and go from there.
 
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