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From my latest American Spectator column: Why, after all, are so many Americans so fiercely opposed to this plan, even though bailout proponents warn that the alternative is a complete meltdown of the economy?
The president has told us that "the government's top economic experts" believe the bailout is necessary to avert an economic collapse. The plan is supported by leaders of both parties in Congress, and endorsed by both John McCain and Barack Obama. One eminent pundit has denounced bailout opponents as "nihilists."
Yet I cannot escape the conclusion that the bailout is wrong. Not just wrong as a matter of politics or policy, but wrong as a matter of morality. And I suspect that the same moral instinct fuels the fervor of many citizens who have been burning up the Capitol Hill switchboard with calls demanding that lawmakers vote against this bill.
Ordinary Americans cannot ignore the "still small voice" telling them that what is being proposed is nothing less than government-sponsored grand theft, and that in a government "of the people, by the people, for the people," this crime is to be carried out in their name.
Please read the whole thing.
UPDATE: Michelle Malkin has a list of congressional phone numbers. She writes:
I keep hearing and reading that public opposition to this rushed-through monstrosity has “softened” in the wake of the Senate’s approval last night. I’m not sure why the bailout pimps keep touting that talking point when countless Americans trying to express their vehement disapproval can’t even get through the FUBAR House e-mail system!
The congressional switchboard is also FUBAR, but call it anyway: 202-224-3121.
UPDATE II: My friend and co-author Lynn Vincent comments:
The redistributionist state long championed by Democrats now seems to be operating in reverse, with Main Street Americans expected to subsidize Wall Street, upside-down McMansion buyers, and troubled mortgage lenders.
PREVIOUSLY:
- 10/1: UPDATE: Senate approves bogus bailout bill
- 10/1: Senate bailout vote tonight
- 9/30: Did Democrats blow the bailout on purpose?
- 9/29: 'Fear is running amok'
- 9/29: Bipartian bailout blowup!
- 9/29: Michelle Malkin, Michael Moore agree?
- 9/29: 'Financial affirmative action'
- 9/29: Republicans: 'Let's pass this lousy bill!'
- 9/28: Bailout deal reached
- 9/27: Is Neil Cavuto racist?
- 9/26: Arnold Kling on the bailout
- 9/26: Ace going soft on Paulson plan?
- 9/26: ACORN bailout?
- 9/26: What caused the crisis?
- 9/26: No bailout, no debate?
- 9/25: Porking up the bailout bill
- 9/18: How Clinton caused the current crisis
- 9/17: Feeling the pain he helped cause
- 9/16: Jamie Gorelick & Fannie Mae
Recently an insurance company nearly wind up....
ReplyDeleteA bank is nearly bankrupt......
Who fault?
The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......
Sign a petition to your favourite president candidate, congress member again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible....
http://remindmyselfinstock.blogspot.com/
Thanks for not being one of the "pundits" giving a go to the sellout. I have little hope the thing will not pass, but it is good to know some writers understand, and on their own, for whatever reasons, that this is bad. In the end, it is a huge push into socialism and an end to the American Dream, the real one. It will be the first and largest step to ensuring wealth becomes non-liquid and something that is handed out or guaranteed to a select few by the government.
ReplyDeleteThough I am not a nihilist, I do think a little bit of pain, resettlement of asset management, and correction in most markets is more than necessary, it is overdue. Forest fires are good for the forests, bankruptcy is also good for even the global markets. Both allow for (require) new growth, both clear the field of poor contenders and dead fall, and both are completely natural. Oh, and they can both be fun to watch, should the viewer not have built their houses in sand (or dry forests and false economic structures).
Article: Why, after all, are so many Americans so fiercely opposed to this plan, even though bailout proponents warn that the alternative is a complete meltdown of the economy?
ReplyDeleteResponse: Perhaps Americans are opposed to this plan because they are not informed. They think this is a Wall Street bailout and thus view the recipients of the bail out as Wall Street Fat Cats. However, this is a problem that began with the Democrats in the social housing sector back as far as 1977, and pressure on banks to "loosen" up qualification standards. However, fast forward to today, there is plenty of blame to go around.
Article: Ordinary Americans cannot ignore the "still small voice" telling them that what is being proposed is nothing less than government-sponsored grand theft, and that in a government "of the people, by the people, for the people," this crime is to be carried out in their name.
Response: What "still small voice" would that be? Would that be intuition or God. If it's intuition, then it would have to be ignorance with respect to how deeply entrenched this American problem is in economies worldwide - not just in the States. If it's God, then the God I know is not immune to issuing consequences. Irresponsible behaviour and fiscal decision-making begs for correction. Unfortunately the USA is currently beholden to the rest of the World. What a difficult position to be in.
Article: If ordinary Americans were properly informed, say the bailout proponents, they would support the plan.
Response: Yes, this very well may be true. A town in Norway, just to hone in on one example, has gone bankrupt. Many banks in Europe are biting bankruptcy levels due to this crisis. The American government (primarily under Clinton) who approved these policies and the greed of the banking system have all contributed to this debacle. Unfortunately, in order to keep in good standing with the remainder of the world economy, Americans have to face up and be accountable for infecting many economies other than their own. Ordinary Americans are good people, unfortunately many Americans tend to not be able to see beyond their own borders. But for those that do, thus the rallying cry for the bailout.
Article: Isn't it possible that grassroots opposition is both fully informed and completely sincere? Has it never occurred to bailout proponents that many of their fellow citizens would perhaps prefer an honest recession to a false prosperity?
Response: As a Christian I agree with you in principle, however, coming from both an economic and a business background, I see that the actions of many American policymakers and financiers have betrayed their citizens by embarrassing them on a world level. Are you aware how perilous the US economy is? Are you aware that orders for factory exports are rapidly decreasing - the most in two years? This credit crisis is hammering your manufacturers. Are you aware that pension plans are crumbling worldwide? Are you aware how vulnerable your small businesses are? No free thinking market idealogue wants to rescue poor decision makers. BUT American taypayers will have to pony up in order to restore their reputation. After that, then they can take it up with their government. It's called taking responsibility for your elected officials. This is very frustrating for those Americans that think more prudently, and never approved their elected officials, however, that is the price of democracy. Sure, the US could just get out the printing press and print their way out of this debacle, but then I doubt Americans would want their dollar to be worthless. Remember the jokes about the Peso?
I hope and pray the USA can face this, take responsibility, albeit on the backs of their good people, and restore fiscal responsibility world wide - not just at home. Your future unfortunately depends on it. And trust me, I'm no doom and gloomer, but I am a pragmatist.
This is a MAIN street bailout NOT a Wall Street bailout. God Bless America. All the best.