Washington Post columnist Eugene Robinson writes: Since George W. Bush became president, the Republican Party has presided over massive, out-of-control government spending, converted a federal budget surplus into a half-trillion-dollar deficit, and looked the other way while Wall Street's greed and stupidity turned the hallowed free market into scorched earth. Now the party has to watch as a Republican president orchestrates the biggest government intervention in the workings of the private sector since the New Deal.
Can any Republican candidate claim with a straight face to represent the party of small government? For that matter, can any Republican candidate plausibly explain what the party is supposed to stand for these days?
It's pathetic to hear right-wing talk radio blowhards try to associate Barack Obama with "radical" or "socialist" views when a Republican administration is tossing aside "Atlas Shrugged" and speed-reading "Das Kapital."
The Federal Reserve announced yesterday that it will make unlimited quantities of dollars available for currency swaps with the Bank of England, the European Central Bank and the Swiss National Bank, as these institutions scramble to keep major commercial banks from failing -- and potentially taking U.S. banks with them. None of Bush's Cabinet members could be heard sniffing about the irrelevance of effete "Old Europe."
This attitude adjustment is necessary, mind you. The question isn't whether some kind of drastic, frankly socialistic measures are needed to save the American economy but which measures -- buying up toxic mortgage-based investments (as the White House said it would do), buying up the troubled mortgages themselves (as John McCain wants to do), or pouring money into selected banks and taking part ownership (as the White House now says it will do). Sitting back and letting the dire situation correct itself is not an option, because the market's phoenix-like solution begins with self-immolation.
Politically, though, there is at least some justice in the fact that a Republican president has to deal with this Republican-made crisis. That little piece of irony isn't worth $700 billion, but so far it's all we're getting.
After eight years of the Bush administration, the Republican Party -- to put it bluntly -- is a mess and a fraud.
Read the entire column "Time to be Outward Bound," by Eugene Robinson here.
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