Wednesday, October 1, 2008

Senate bailout vote tonight

Just got off the phone (202-224-3121) trying to call my senators to tell them to oppose the bailout bill, which is scheduled for a vote tonight. Both Obama and McCain support it.

UPDATE: Gut hunch tells me that, at the last minute, Obama will find some reason to vote against this bill, and then denounce it as the "Bush-McCain billionaire bailout."

UPDATE II: God love ya, Ed, but you're soft:
As long as the action taken now does not involve coercion, [economist] King [Banaian] believes that the US government can create a free market that will allow proper valuation of these derivatives.
Earth to Ed: Taxation always involves coercion. Taxes are not voluntary. So if the government appropriates $700 billion in tax dollars as a giveaway to private industry, coercion is necessarily involved. It is a government-imposed transfer of wealth from one group of citizens to another, just like welfare or agriculture subsidies. Which is why they call it "corporate welfare."

Fundamentally, this bailout plan is about centralized economic planning. It's about Sovietizing the financial industry. It's about government picking winners and losers, an attempt to replace the economic decisions of the free market with political decision-making. It is not merely misguided, it is immoral.

I'm amazed at the spectacle presented here: At her own blog, Michelle Malkin is going hammer and tongs against the bailout. Meanwhile, at Hot Air, Ed is blogging for the bailout.


1 comment:

  1. Coercion? I would call it indentured servitude or peonage.