The Corner

Biden on the Financial Turmoil

On the Today show:

We should try to correct the problems that caused this.  And what’s caused this? The profligate tax cuts to the very, very wealthy that John wants to continue. What’s caused this is the failure to have regulation so that, in fact — John talks about these CEOs getting these big bailout packages.  Well, why didn’t he support the legislation we have been proposing that says that if you’re going to declare bankruptcy, you’ve got to throw the CEO in the mix as well as everybody else?  Why didn’t he support the proposals that we have to allow in bankruptcy a federal bankruptcy judge to renegotiate the principal of your mortgage? Why didn’t he do something to help the middle-class people who are hurting very badly?  Is their government and it’s this government’s policies that have caused them to get in great trouble.

Note that the first culprit Biden mentions is tax cuts. I think it is very hard to connect the “tax cuts for the rich” with no-doc loans, but Biden has a very high IQ (just ask him). Clearly, the solution is higher taxes. 

Ramesh Ponnuru is a senior editor for National Review, a columnist for Bloomberg Opinion, a visiting fellow at the American Enterprise Institute, and a senior fellow at the National Review Institute.

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