US Republicans Face Tougher Times
I wrote recently how much I was looking forward to Sarah Palin smashing up Republican unity in the party’s primaries in a little over one year.
But it goes deeper.
She’s only one of the factors.
The historian Simon Schama – a sometimes insightful writer – points in The Financial Times to the splits about to open up in Republican ranks. Ron Paul is now chair of the committee on monetary policy. He has advocated abolition of the Federal Reserve. A classic reactionary, he favors moving back to the rules of 1907-8 that required JPMorgan to rally behind the financial system in crisis. Fascinating to see what he brings forward to reinstate this happy day.
Another true conservative Paul Ryan has the opportunity to argue in the House, as he has outside, that the budget will only be rebalanced with cuts in defense and social security, a truth that will be unpalatable to the Tea Party fanatics. Who, as Schama reminds us, think you can balance the budget by cutting spending on “that nest of socialism, public broadcasting “. That is, without touching defense or social security.
Meanwhile the chair of the house committee on banking reform thinks regulators should “serve” banks.