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Monday, September 29, 2008
Taxpayers Not on Hook for Bail-out Yet
Congress defeated the “Wall Street Bail-out” earlier today. There’s too much government power grabbing to think it’s a dead issue. Maybe it will be less socialist next time it reappears.
My question with this whole issue is if this legislation passes in any form similar to what was voted on today, won’t it be a huge step toward nationalizing several sectors of business and making the federal government the biggest owner of residential real estate in the country? If this is true, how does it benefit us? Until several ranking democrats and CEOs are frog-marched to jail in handcuffs, I think the taxpayers should root for private sector solutions. Let these troubled companies sell assets and restructure before Congress starts writing checks.
Congress seems bent on doing economic brain surgery with a chain saw. Why not make the sausage in public so the process has openness instead of trusting Barney Frank and Nancy Pelosi to write something in secret and then expecting YES votes before anyone can read it. The root problem with these financial issues is government mandates so why is the solution to intrusive government to get an even more intrusive government?