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The Contradiction in Doctrinaire Conservatives' Opposition to the Bailout
Most of the Republicans who opposed the bailout plan were on the economically conservative wing of the party. They said that they don't like the government buying securities, including equity stakes, because that sounds like pure socialism.
One can criticize their preference for theory over reality, but that is the topic of another post.
It occurred to me however, that there is a more basic logical contradiction in their opposition. The problem is this: If they are opposed to governments' purchase of securities, why did they want Social Security to do the exact same thing? The motive was different, but the act was the same. The privatization of Social Security was in reality the government investing in the stock market. How is that different from now?
One can criticize their preference for theory over reality, but that is the topic of another post.
It occurred to me however, that there is a more basic logical contradiction in their opposition. The problem is this: If they are opposed to governments' purchase of securities, why did they want Social Security to do the exact same thing? The motive was different, but the act was the same. The privatization of Social Security was in reality the government investing in the stock market. How is that different from now?
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Are you really surprised by the contradictions of conservative driven policies? Conservatism run into contradiction all the time because they take absolute positions on issues eliminating any middle ground for thought out policy. For example, the value of life: pro-life but also fiercely for the death penalty.
September 30, 2008 10:38 AM | Reply | Permalink
Not surprised; it was just this one jumped out at me for being so concretely at odds. There certainly have been others where a concrete decision overruled theory (e.g. federalism concerns being forgotten during the Schiavo affair), but this is a place where a concrete stand was directly against another concrete stand.
September 30, 2008 10:42 AM | Reply | Permalink
I'm not sure that was their intention. I thought they wanted us all to have private individualized retirement accounts, eventually, stopping the Government from collecting taxes for that purpose. Such would be part of their overall plan to repeal every social safeguard enacted under FDR.
So, wealthy GOP friends on Wall Street would reap the economic gains for the market while simultaneously eliminating a major social safety net program. They would get to kill-two-birds-with-one-stone that way. Sweet!
September 30, 2008 12:24 PM | Reply | Permalink
One would also have to question the sudden change of position in the Democrats who would have us shed tears for the struggling masses, yet throw total support at a bill that assists so few and does nothing for so many.
September 30, 2008 10:13 PM | Reply | Permalink