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This page contains a single entry by Westley Annis published on November 14, 2008 5:59 PM.

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There is No Capitalism Without Capital

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Let me get one thing straight first. We have not had conservative leadership in the White House or Congress since Ronald Reagan left office. You liberals can scream "But you have Bush the Elder and W". Yes, we had both Bush's, but they were simply members of the Republican party and not true conservative leadership.

The Economic Growth and Tax Relief Reconciliation Act of 2001, commonly referred to as the George Bush tax cuts, was the only piece of fiscal conservative legislation pushed by the second Bush administration. The only other area Bush showed any conservative values was with his stance on national security, otherwise, he was just a liberal in sheep's clothing.

By allowing the GOP majority in Congress to spend like kids in the candy store during his first six years in office, both Bush and the elected members of the GOP forgot what it meant to be a conservative. They paid lip service to Reagan, used his name and legacy to try and bolster their own image, but did nothing to curtail their own spending and expansion of government.

The elected GOP members managed to rally around one conservative cause when they staged a protest on the House floor during the Summer recess for an energy bill that would allow offshore oil drilling. Things also looked promising when they held up the $700 billion Wall St. bailout bill, but lost it when they let it passe after adding another $150 billion in spending to it.

The Bush administration, with willing cooperation from the liberal Congress, is bailing out banks, insurance companies, and auto makers. This isn't conservatism, this is socialism and the stock market is reacting as such. The market is failing because it cannot be sustained on liberal ideals.

John McCain
didn't lose the 2008 presidential election because he wasn't liberal enough for the so-called moderates, he lost because he wasn't conservative enough. Barack Obama won by convincing enough people to ignore his big government ideas long enough to believe that he would cut their taxes (sorry, you just cannot have big government without big taxes).

America needs a resurgence of fiscal conservatism. Obama won by promising tax cuts for "95%" of Americans even though he never described how he would achieve that goal. Former Louisiana Senator Russell Long, years ago, explained the type of tax reform Obama is pushing:: "Don't tax you, don't tax me, tax that fellow behind the tree!"

With the 2008 presidential elections behind us and Obama headed to the White House, the market is taking him at his word to "redistribute the wealth." Everyone is looking to sell their stocks now and protect their wealth, before they get hit with higher taxes.

Senator Long, who believed in tax breaks for businesses, retired from the U.S. Senate in 1987, but he left another lesson behind that it seems the Democrats, his party, have forgotten, "you're going to have to have capital if you're going to have capitalism."


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