I Object.

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This is the refrain of many remaining Republicans in the House and Senate in the new session of Congress. While they would not confess to such, their reason for objecting is about keeping some semblance of purpose. If they didn't object, what purpose would they serve? But, it would behoove Republican supporters to insist that their Republican representatives at least make the attempt to find sound reasons for objecting to the actions of the Democratic majority. That really should not be too much to ask.

Let's take today's attempt by Senate Republicans to block the allocation of the other 350 billion in TARP (Troubled Asset Relief Program) funds to be used to rescue business and individuals from the ravages of choked credit and deleveraging of inflated assets on company's books. When the first 350 billion was allocated, Republicans could have insisted on transparency, accountability, and oversight of how those tax payer dollars were to be used by corporate recipients. A handful tried, but, the rest did not object to giving GW Bush and Hank Paulson complete authority to disperse those tax payer dollars amongst Paulson's Wall Street buddies in any manner he chose. (Democrats were leery, but, convinced speed was more important than accountability and oversight, much to their regret, now).

Now that a Democratic president will be handling the TARP fund distribution, and the Democrats are asking the balance of the $700 billion to be allocated under their authority, many Republicans in the Senate chose to object. Their objections were raised despite pledges by Pres.-elect Obama to exercise oversight, targeting, and accountability in the dispersal of the second 350 billion, and not primarily for giant financial corporations, but, for foreclosing homeowners, small businesses and local and regional banks whose operations were soundly managed but, are now in jeopardy over the huge banks and financial institutions refusal to lend those tax payer dollars they received for that purpose.

Objection duly noted, and defeated. The bill to block the additional 350 billion allocation failed. As it should have. The credit problem in America has lessened, but remains a hurdle to millions of consumers who would buy retail if credit were available to them. There simply is no addressing the growing national debt if the government continues to lose tax revenues going forward, which is precisely what will happen if the economy fails and the nation falls into a depression. Therefore, the top priority of the Obama administration and the new Congress is get the economy growing again.

When will it dawn upon all the elected Republicans that their duty is not to object on general principle, for the sake of objecting? But, instead, to demand better performance and more bang for the buck from the legislation that is going to have to move forward for the welfare of the nation, with or without, their objections. Blue Dog Democrats would do well to observe this more than pedantic point of political logic. Fiscal responsibility at this time means taking whatever measures are necessary to get Americans employed again and consumers buying again. In these new days of economic peril, to hold the line on deficit spending and growth of the national debt would be the most fiscally irresponsible action our government could take. For such action would commit these United States to an economic depression that would make the 1930's appear a picnic on the yacht.

Object. But, object with insight. Object. But, object with the motive of improvement. Object, but object in the name of rescuing the nation from peril, not in the name of rescuing one's image as the new minority voice in government, rightly relegated thus.

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This page contains a single entry by David R. Remer published on January 15, 2009 3:47 PM.

George W. Hoover Bush? was the previous entry in this blog.

Obama's First 3 Big Mistakes is the next entry in this blog.

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