Word: backlasher
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...paying for all of it over the next 30 years, thanks to the Fed's bailout. And if excessive lending and borrowing got us into this mess, how is the Fed acting differently by taking out a 30-year mortgage on our nation's future? Please stop the backlash against Wall Street; do not criticize me for my place of business. Kevin M. Nichols, NEW YORK CITY
Democrats control Congress, which was supposed to change everything; they could have stepped up, passed their own package and dared Bush to veto it. But it's easy to see why they didn't: they don't want to face a populist backlash alone. Revulsion at a Wall Street bailout has crossed ideological lines, with liberals as disgusted by handouts to irresponsible bankers as conservatives are by a socialist solution to capitalist problems. On the Hill, constituent phone calls ran 100 to 1 against the Paulson plan, and most vulnerable incumbents in both parties voted against it despite...
...What explains the shift? At the same time that nearby Jefferson and Douglas counties were wooing away Arapahoe's upwardly mobile families, two of the county's three military bases closed, taking with them conservative voters. And the immigrants who moved in to replace them and once caused the backlash that launched Tancredo have become an essential voting bloc. More than 100 different languages are now spoken in Aurora public schools, and the area boasts two Russian-language newspapers as well as half a dozen African grocery stores. "The county changed," explains Ritter, who grew up on a small wheat...
...object on free market grounds to the President's bailout plan, while Senate Republicans, as well as Democrats in both houses, have been more supportive. Democratic leaders have been reluctant to move the measure through either the Senate or the House without Republican support, fearing a one-sided backlash at the polls in November...
...asking Congress for $700 billion overnight when lawmakers have been unable for years to find funds for all sorts of other national priorities provoked a bitter and bipartisan backlash. "Paulson confused venture-capital behavior with leading a free society," says former House Speaker Newt Gingrich. "I don't know why Bernanke thinks a problem largely created by the Fed and the Treasury is something that only the Fed and the Treasury are smart enough to fix." Others went further: "It's financial socialism," Senator Jim Bunning of Kentucky told Paulson and Bernanke at a stormy Senate Banking Committee hearing...