Modern Whig party expresses concern on the bailout

In a message to its members, the Modern Whig Party is urging voters to contact their representatives and add their voices to the debate. This comes after numerous emails from concerned members were sent to the movement’s leadership. Most of these emails demanded a stance and viable proposals to solve the dire short-term failures of the financial sector.

The grassroots movement proposes a version of the bailout bill that gradually purchases certain debts under independent oversight while also focusing on the root problem in the housing sector. An additional proposal is to add an added string of requiring recipients of the taxpayer-funded bailout to allocate a portion of future investment in renewable energy once the crisis recedes. It is believed that this additional energy-related caveat will make this process just a bit more palatable for taxpayers wanting a demonstrable return on their money.

Members of the Modern Whig Party – regardless of their personal stance on the bailout issue – are urged to write Congress and make their voices heard.

The Modern Whig Party national headquarters is in Washington, DC and caters to those who find themselves cherry-picking between traditionally Democratic ideals and traditionally GOP ideals. The organization currently has 19 state chapters. The grassroots movement seeks to go for a realistic and mainstream approach that is non-fringe. The Modern Whig Party platform generally relates to fiscal responsibility, strong national defense and bold social progression. The organization expects to run various state and local candidates in 2009 as it prepares to back three members for Congress in 2010.

This entry was posted in Non-left/right parties and tagged on by .

About VTV

Was a fierce Independent because of statements made in George Washington's farewell address about how the party system would damage the nation. (He was right). Became interested in the Libertarian party because of Ron Paul. I helped get Mike Gravel into the LP, and joined the party with him. And contrary to what people have said, we are not going anywhere. We are in the Libertarian party from now on. Get used to it.

18 thoughts on “Modern Whig party expresses concern on the bailout

  1. Mike Theodore

    I have friends running around screaming that we need the bailout. They say that the market went down today because of the House vote. Ridiculous, but my economic knowledge fails to refute them (as it is limited).

  2. Gene Trosper

    Today at work, all anyone could talk about was the proposed bailout. I’m proud to have been able to convert five of my co-workers from screaming for a bailout to opposing the bailout.

  3. Vin

    This bailout business is obviously a mess and horrible situation, especially if credit becomes severely limited. It is very scary to the average person. In a perfect world, I’m sure there are much better and more efficient remedies, to include doing nothing. But this isn’t a perfect world.

    The Whig m.o. to date has been pragmatism and working within the confines of the system to accomplish mainstream goals. As much as I hate the idea of the bailout, I love the idea of requiring future investment in renewable and green energy companies. At least this offers a chance at getting something for the money and effort.

  4. Vin

    GE,

    What are your thoughts on the insurance companies that engage in credit default swap (CDS)? I have heard that this is the next big shoe to drop that isn’t getting any mainstream attention at the moment.

  5. G.E.

    Vin – I must confess ignorance on the budding CDS fiasco. Is it insurance companies who are SELLING the swaps? I would assume they’d be the buyers. Then who’s doing the selling? My guess is hedge funds, investment banks, etc., which won’t be able to make good on the swaps when the securities default… Where can I read up on this?

  6. darolew

    “The Bailout Fails: Wall Street Loses, American Wins
    By J.D. Seagraves (for Amateur Economists)

    [snip]”

    Nice article.

  7. Catholic Trotskyist

    The Catholic Trotskyist Party of America endorses the statement by the Modern Whig Party. As the two most influential third parties to come into being this year in the US, but not yet having ballot access, we hope to establish a coalition to work within the system, including the two major parties, to provide for neccessary changes.

  8. Ross Levin

    In an NY Times editorial today, the newspaper said that they hated the authority it granted to the executive, said it screwed over the taxpayer and people being foreclosed on, and said it didn’t have enough judicial oversight, but supported it anyway. Don’t they realize that it’s being pushed by the same people that pushed Iraq onto them? Why should they trust them now, of all times?

  9. G.E.

    paul and Trent – Thanks for the compliments. That particular article is property of Amateur Economists, though. In fact, now that it has been published, I should probably take it out of the comments and paste a link:

    House Rejects Bailout Plan: Wall Street Loses, America Wins
    Posted on date: Sep 30, 2008
    By J.D. Seagraves

    On September 24, President George W. Bush—a self-professed devotee of the free market—addressed the nation in an effort to drum up support for an unprecedented intervention in the U.S. economy. The political elite, left and right, were united in their desire to spend other people’s money to purchase depressed financial assets at premium prices. If the federal government did not step in, said the president, a “financial panic” would likely result. But despite reports all last week that a “bailout deal” was imminent and, finally, that a “reformed” version was “sure to pass,” this would-be massive wealth transfer from the middle class to Wall Street’s reckless plutocrats was defeated by Congress on September 29.

    For President Bush, this marked yet another failure in the most unpopular presidency in U.S. history. Democratic leaders, who joined Bush in calling for the intervention, were exposed as allies of the same financial interests that are said to dominate the GOP. The successful opposition to the bailout came from both ends of the political spectrum, with conservatives in both parties and principled liberal Democrats uniting to send a message to Wall Street: “Get off America’s back!”

    Stock Market Wipes Out Illusory Gains

    As a result of the bailout’s failure, the stock market experienced a historic meltdown on Monday. The Dow Jones Industrial Average plummeted a record 777 points, and the S&P 500 and NASDAQ composites fell by even greater amounts, 8.8% and 9.1%, respectively.

    Read the rest.

    My archive

  10. Catholic Trotskyist

    Thanks Jimmy for your inquiry. The Catholic Trotskyist Party of America does not have a website yet, but is soon to build one, sometime in the next week or so. It is also expected to have a YouTube channel at some point.

  11. Spence

    Wow, funny day at debating today huh? For some reason, as a few peers of mine and I were discussing the bailout earlier today, it suddenly slipped into a debate whether anarchy would work or not. Of course, they’re much too brainwashed to take all at once. -.-

Leave a Reply

Your email address will not be published. Required fields are marked *