Wednesday, October 01, 2008

Bailout Blunders

I'm convinced after the developments of these past few weeks that on economic issues, George W. Bush could well end up being the most left-wing, unrepublican president we've had in our lifetimes. I was happy to see Republicans in the the house finally stand up to him, rejecting Monday's $700 billion bailout bill, but this was more theatrics than anything else: the Senate will easily pass the same bill tonight which the House will rubber stamp later on.

One thing I keep hearing on the networks, both from liberals and alleged "conservatives," is that taxpayers could somehow "make money" on this deal, so it's really a "buy-in" that we should all be excited about. Well here's a question for them: if these securities and assets are such a good buy and have so much potential, why are we forced into purchasing them? Why hasn't the private sector snatched them up already? And most importantly, from a philosophical standpoint, why does the federal government even have the authority to confiscate $700 billion in our incomes for this purpose in the first place?

If you get a few minutes today, please email Saxby and Isakson's offices and tell them to vote against this monstrosity. Trying to keep asset prices artificially inflated instead of allowing the market to do its job by liquidating them is what's kept Japan in a recession for the last 18 years. Failed government policies is what got us into this mess in the first place; we must allow the free market to lead us out of it.

1 comment:

Ryan said...

Already wrote. Here is the link that lets you email both of them at once: