I couldn't believe my ears when I heard it this afternoon, the free market lives. Congratulations, America, there are enough of the 435 people sitting in the House of Representatives down in Washington D.C. that do actually believe in a free market. They don't believe that Communism is needed to help the economics of the United States stand strong.
The $70 Billion bailout has been voted down this afternoon by a vote of 228 nay, 205 yay.
While the stock market is feeling the ramifications of this at the moment, believe me when I say that I believe in the long run, this is a good thing. Let it ride out, let the market settle down. This was a major pothole that we just got through and the base of the free market will handle this.
The only problem I see with this being voted down is that the Democrats who wanted to get this to pass have now decided that they are going to stick around and work on trying to get this figured out and "fix" the economy...something they have no right nor responsibility to do.
Congress has no right, per the Constitution of the United States of America, as signed 219 years, 12 days ago, and amended several times since.
My thanks go out to the Blue Dog Democrats and Conservative Republicans who helped to vote this piece of Communism down.
Today, America lives on.
God Bless America!
1 comments:
I have to strongly disagree with you on this, Kevin.
Though I appreciate and understand your desire for the free market to resolve this crisis, it's the plain wrong approach. Unless of course, you desire a financial bloodbath of epic proportion? I've worked on Wall Street for over 20 years and to allow this to play out on its own would be a colossal mistake.
Forget the "ramifications of this" on the stock market. That isn't what the bailout aims to "fix." I'm all for letting risk takers get their come-uppance, but the magnitude of this crisis transcends that. For all the distastefulness of the plan for the taxpayer and associated pain the taxpayer will be forced to bear, inaction will be worse.
Here's why: the average taxpayer won't be able to get simple loans from everything to car loans, student loans, etc. and if they do, they will cost more. That will be the least of their problem because they won't have a job. Credit to companies is frozen, which makes meeting simple functions of day-to-day operations impossible and even threatens making payroll. This is as much about confidence in the financial system as it is about actual financials. The confidence must be restored, first and foremost. The world is global. So the ripples will be unimaginable.
If we've learned anything from the Great Depression, it should be don't ever let it happen again. Government action is our only alternative. This is much too big for the free market to resolve on its own...unless you'd like to live through your own personal Road Warrior scenario.
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