Video: Rep. Paul Ryan on why he’s voting — reluctantly — for the bailout

posted at 1:50 pm on September 29, 2008 by Allahpundit

Pure and simple: “If we fail to pass this, I fear the worst is yet to come.” Mitt Romney agrees, as does the Heritage Foundation, as does the Journal, echoing Ryan’s point about bailing out Wall Street to protect Main Street. Ryan’s no squish, either; he helped lead the GOP revolt a few days ago.

And yet, as I write this, the bill’s just failed in the House. The Dow dropped 300 points, down to about -675, as the vote was going on. It’s steady at -500 as I write this.

The takeaway, a la Rich Lowry, is that the ultimate socialist option here is having a depression drive a terrified public irretrievably to the left. Like I said in one of our Headlines threads last night, we have what may or may not be a ticking nuclear bomb; we can hope for the best and let what happens happen or we can send in the bomb squad at potentially fabulous expense. Explain to me why the risk of letting this thing go off and start a global economic meltdown is better than at least trying to defuse it. To quote Megan McArdle, who’s no socialist: “My basic reasoning is this: given just how badly the Great Depression sucked, I’m willing to gamble on stopping it, even if that gamble fails, even if it is not necessary (a question that, if we actually go through with it, will be much argued and never answered). I’m not willing to gamble for the bankers; the worst thing that will happen to them is that they retire on a pittance, or take a boring job somewhere. I’m worried about the 40 million or so people who might end up out of work, and with nowhere to go. I’m willing to do quite a bit to stop that from happening, even let the bankers off scott free. I don’t think it’s actually necessary to do that, but if I have to choose between helping the 40 million, or expressing my moral outrage–well, there’s always skywriting.” Click the image to watch.

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Guess all my fellow repubs against this bailout have a nice storehouse of gold to get them through the hard times.

eaglewingz08 on September 29, 2008 at 4:57 PM

Not all of us but some of us have peace of mind in knowing that opposing socialism is better for the country than rolling over and letting government use our taxes to buy loans that were made by greedy egomaniacs who loaned to anyone to meet quota.

We can’t all have three mortgages, two auto loans, college funds, a 401K and a hot tub. It is about time this country understands this and if there is some pain along the way, so be it.

grdred944 on September 29, 2008 at 5:07 PM

So, I gather from some of the tone here (which echos that of the MSM talking heads) that it’s all the Republicans fault that the bailout bill failed.

Tell me again… what party has the majority in the House and in the Senate? And why didn’t the ever-vigilant MSM explain to the American voters that the Dems have this majority vote power?

electric-rascal on September 29, 2008 at 6:12 PM

Remember that Herbert Hoover acted and made things worse. FDR flailed around for his first two terms and we were still facing 15% unemployment while he was running for his 3rd.

Let’s commit to action but without the rush. First, stop digging by stopping new risky loans. Second, fine a method of valuing those tainted loan bundles that are still producing income.

Laurence on September 29, 2008 at 7:03 PM