Thursday, October 02, 2008
Bailout? Is That What It Is?
By now, I imagine most of you are sick of watching our beknighted lawmakers deal with the financial crisis. The concerns I have about this whole affair have been expressed by many others, and it seems like no one is listening.
1. The Democrats deserve to have this tar baby glued to them, along with a lot of feathers. They have been the main driving forces behind Fannie Mae and Freddie Mac, and their cronies in those institutions have made an awful lot of money. They helped push financial institutions into making politically correct bad loans for the purposes of social engineering and getting the votes of minorities. And we're going to trust Barney Frank and Chris Dodd to lead the charge in cleaning this up?
2. Congress, led by the Democrats, is using this situation and the bailout legislation to add on all sorts of things they probably couldn't get otherwise. Bush ought to veto the legislation unless they send him a clean bill.
3. The bill ought to be dominated by free market solutions and stiff accountability measures. There ought to be prosecutions, and some of these fat cats who gamed the system and led their institutions to ruin ought to be forced to pay restitution.
All these are just the basics. I am no economist, but I think the things that helped cause this situation are obvious to anyone willing to look closely enough.
Another thing. This is old stuff when it comes to politicians, but it still makes me mad. I have heard ad nauseum that the only reason many politicians voted against this bailout the first time is because they face re-election. In other words, if they weren't up for re-election, they'd ignore their constituents and pass the bill? If that's how they listen to the people who voted for them, all of them ought to get turned out on their ears or keisters. I vote for Representatives in the House and Senators in the Senate to represent me, not ignore me.
I wish the level of anger people have right now at all branches of government would stay where it is or get even hotter. We just might see something done that's actually beneficial for the country in the long term.