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Posted by on Oct 17, 2008 in Politics | 13 comments

The Wall Street Journal Is Worried

As the McCain campaign concentrates on holding the red states, Rupert Murdoch’s house organ for the super-rich sounds the alarm on what could happen if Barack Obama’s coattails are long enough to give Democrats filibuster-proof majorities in Congress.

“Though we doubt most Americans realize it,” a WSJ editorial warns, “this would be one of the most profound political and ideological shifts in U.S. history. Liberals would dominate the entire government in a way they haven’t since 1965, or 1933. In other words, the election would mark the restoration of the activist government that fell out of public favor in the 1970s.”

A sidebar lists Republican nightmares that passed the House this year but were blocked in the Senate–prescription-drug price controls, renegotiating mortgage contracts in bankruptcy, withdrawal timetables for funding the Iraq war and, horror of horrors, a windfall profits tax on oil companies.

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Copyright 2008 The Moderate Voice
  • Jim_Satterfield

    A windfall profits tax??? Horror of horrors!! How close was it to the one Sarah Palin pushed through in Alaska?

  • StockBoySF

    And of course we have Obama’s support of giving bankruptcy courts the ability to re-negotiate mortgages. As a taxpayer I find that plan much more preferable to McCain’s plan of buying hundreds of billions of dollars of mortgages at face value, then re-negotiating them with homeowners- there is a guaranteed loss to taxpayers in that. And also those homeowners need relief NOW, not sometime in the future, once the new agency is in place, thousands of people hired and trained and is finally able to be open for business.

    Besides I think the last eight years have pretty much shown that the Republicans ideas are more harmful to the economy than they are helpful. The GOP has lost any claim to protesting Democratic plans when the GOP had their chance and failed miserably. Maybe if we weren’t in the mess we are in then the GOP might have a valid argument about Dem control.

    Personally I believe that the WH and Congress should have different parties in control of each. But I have no idea what the current GOP believes in and what their philosophy is.

  • JSpencer

    The vocal wing of the republican party really has a lot of gall trying to sound the alarm on anyone who is going to go in clean up the sorry-ass mess they spent 8+ years creating. They had their shot and they blew it. Time to give someone else a chance to fix things again. The best way they can help is to stand aside and shut the hell up.

  • kritt11

    JSpencer said it for me..and I agree word for word!

    Their reign was a reign of terror for us and our kids who will have to dig us out of the deep hole we are in. I hope every one of their sorry hides ends up sitting in a rocking chair on their front porches, contemplating what they have left for the rest of us and our descendants to clean up.

  • I just suffered through an hour of CNN. The GOP hate and fear mongers are out in force, talking up Joe the Plumber and how Obama will raise his taxes (a lie), calling Obama a Marxist (more lies) and worse. What a despicable crowd the Republicans have become. I’m so sorry for all of them. Pathetic !

  • pacatrue

    Good news is we can boot the House out in 2 years if needed. The first 2 years are going to be spent in an economic downturn anyway, so we are likely just going to see a couple programs going through. My greatest concern with an all Democratic administration would be fiscal, so this would be the time to try to get the ear of the Blue Dogs who might be able to rein that in.

  • superdestroyer

    After reading these Obama can do no wrong claims, anyone who is rational should be predicting how disappointed most Obama supporters will end up being with his administration. There is no way he can fund his programs while limiting tax increases to the those earning over $250K. Letting the Bush Tax cuts expire will raise the taxes of people with lower incomes.

    Also, Obama is incorrect in that the government creates jobs. The government creates conditions that lead to job creation. Since the Obama Administration will be eliminting jobs in oil and gas, manufacturing, defense, and healthcare, I doubt that the number of jobs created by green industries will come close.

    Also, A person should have to be a fool to invest in medical technology, tourism, manufacturing construction, or defense related companies. The problem with the coming Obama Administration is that people cannot invest in law firms, unions, or the public sector.

    And last, most conservatives are just as frustrated with the incompetence of the Bush Adminstration as are those with Bush Derangement Syndrome.

  • JSpencer

    SD : “After reading these Obama can do no wrong claims…”

    1.) You get an F for reading comprehension, as no one here said that.
    2.) Re: BDS, it’s ironic, the ones who should be suffering from this the most ought to be all the fools who once voted for him – since they will have to live with the choice they made for the rest of their lives
    3.) I would advise you not to wear that thing outside the house.

  • superdestroyer


    Ok, please give an example of where you think that the Obama Adminsitration will fail.

  • jeff_pickens

    I wonder if the Wall Street Journal was “worried” about the historically most purely Republican rule over the last 6 plus years, and if their concern about theoretical “liberal” rule would include the possibility of reining-in unbridled presidential declaration, establishing some credibilty again with allies throughout the world, understanding that not-tax and spend-anyway isn’t a fiscal policy, realizing that pre-emptive wars with our existing “intelligence” aren’t a good idea after all, realizing that Congress needs to have more than a two-day workweek to accomplish the business of the American people, realizing that a republic would include voices from both sides of the isle instead of barring “the other party” from committee meetings, realizing that “wedge issues” are fine to toy with during campaigns but that real business needs to happen during administrations (instead of perpetual campaigns,) realizing that it does little good to characterize half the American people as “unpatriotic,” or “unsupportive of troops,” or hateful, disrespectful, not-in-touch-with-reality, when they don’t go with the party line.

    I can think of one example where Obama will fail: to convince people who already have written him off as a failure before the election has even happened:
    “…how disappointed most Obama supporters will end up being with his administration..” , “There is no way he can….”, ” Also, Obama is incorrect in that…” , “Since the Obama Administration will be eliminting jobs…”, “The problem with the coming Obama Administration is that….”

    Could we suggest an Obama Derangement Syndrome?

  • superdestroyer


    No one is ever imimpressed with boilerplate. What should scare the Wall Street type and even more so, the Chamber of Commerce types is that many Democrats and many who will be on the staffs in an Obama Adminstration believes that business will stay open when when they are not making a profit. As Paul Tsongas asked in 1992, who do Democrats expect there to be employees without employers.

    Things like increasing taxes, increased energy regulation, increased environmental regulations will cause business to shut down and cause people to be laid off. Senator Obama seems to believe that the U.S. can increse its borrowing from China in order to create make work jobs.

    Also, how can the Obama Administration create more jobs for Americans or cause real wages to increase while maintain open borders and unlimited immigration. Just giving the illegal immigrant a piece of paper will not make them better for the economy.

    Also, your interpretation of the Pelosi controlled Congress is delusional. Pelosi has failed to pass budgets on time, failed in leading on the Wall STreet bailout, and has has just as bad a performance as Hastert before her. I wonder where all the hearing on the Wall STreet bailout are. Pelosi only seems to care about pork barrel spending and rewarding core Democratic groups.

    Once again, if the Obama ADmnistration is going to great, where should anyone invest their retirement dollars?

  • pacatrue

    Same places you’ve always invested after considering the business environment, SD. The tax plans under Obama still have many tax rates lower than they were under Reagan. Moreover, rates were higher under Clinton in which investments did quite well. Tax rates do indeed affect business development, but so do many other things.

  • JSpencer

    SD : “Ok, please give an example of where you think that the Obama Adminsitration will fail.:

    Sorry bout the delay, I just got back home a couple hours ago. So… where do I think Obama will fail??? Here, just let me look into my crystal ball for a moment. 😉 Needless to say, things are currently so screwed up there is going to be a limit to what ANY president can do, but if we can get a little national unity going and drop all this diseased and ignorant division, then maybe we’ll ALL have a shot at some improvement. As GWB used to say, it’s going to be hard work.

    So… does that thing make your head sweat if you’re in direct sun? Or do you just wear it around the house?

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