"The trillion-dollar, taxpayer-funded handout to criminal and irresponsible corporations in the United States surely puts an end to the nonsense that there is any such thing as a "free" market."
The silly boy doesn't seem to realise that he is referring to a proposal supported by his leftie friends the Democrats, the same democrats who singlehandedly created the very crisis which now exists, who have enough numbers in the senate and in congress to have passed the measure a week ago. But they won't pass it.
The real reason the scheme has not been passed is that Republicans object to the use of tax payers money to feather the nests of failed big businesses and their supporters and so does the majority of the American public. So the ever duplicitous Democrats want what is called 'cover' from the Republicans. They want at least 110 Republican congressmen to vote for the measure as it exists so they they can go out to the public and say 'It wasn't us, it was them too."
McCarten carefully ignores the simple fact that what Republicans want, and what they will get, are changes to the scheme which will shift the financial load from tas payers to businesses; reinstate the firm regulations and oversight of consumer lending which the Clinton administration removed so that people who could not afford to buy houses and could not service loans were encouraged to do so; ensure none of the failed CEO's ride away with large fortunes; and ensure sane and reasonable capital and lending markets can continue without the current hysterical panic and fear.
It's pretty simple really but of course lefties never miss an opportunity to misrepresent anything to do with the USA.
McCarten goes on to run the 'John Key' attack line with veiled reference to Merril Lynch and the demise of the BNZ here.
Remember, we spent a billion dollars of our taxes bailing out the Bank of New Zealand in the early 1990s. The bank made the same mistakes that the American institutions have made.
McCarten failed to read Brian Gaynor yesterday. Gaynor has more understanding of economics and finance in his little toe than McCarten will gain in a lifetime and pointed out the simple truth that the BNZ was quickly on sold by the government AT A PROFIT. In other words, there was no cost to the tax payer.
That's what the responsible Republicans are negotiating from the irresponsible Democrats. The same irresponsible Democrats who created the problem and then took bribes from the corporates to prevent any serious supervision and exposure of their activities.