GOP: "We do not support government bailouts of private institutions"

From the Republican Party Platform, 2008:

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself.

From Naked Capitalism:

The sorry fact is the US has consumed at an unsustainable level. We need to reduce consumption and increase savings (and reducing debt is a form of savings). Reduced consumption means a fall in GDP. In Britain, which is going through its own credit crunch, the officialdom has said that the public will experience a fall in living standards. Why are we unwilling to accept the inevitable?

Sorry, folks, but I've run businesses and bought real estate for decades and real wealth is based on savings (equity/principle) not credit. Many, if not most, Americans have been living on credit for far too long and now they are paying the price.

Why were we really rich fifty years ago? Because people put off buying toys and taking fancy vacations till they could pay for them with cash and stockbrokers did not borrow money to buy stocks and bankers didn't take gambles on bad risks. We've been living on credit based on the real wealth accumulated by our parents in the Fifties.