Looking for a disgruntled Democrat

October 2, 2008

Again, I don’t write much about political issues around here, but this latest issue of the bailout transcends political lines and  issues.  This is a longer post, but worth the read if you are fed up with this financial mess and the impotent leaders in Washington, including the 2 running for president.  We should all be outraged by the price tag and the course it has taken. This piece of legislation is a terrible step in the wrong direction for our markets.  This is not coming from me, but from leading economists and experts in the financial field. While they all agree that something needs to be done, they agree that $700 billion is an absurd amount of money.  Much of the mess could be fixed with as little as $50 billion.  For more an easy to understand breakdown of that plan go here and see the Common Sense Fix

Here are some things that you will not hear in the media – not really because they are trying to hide it, but because they just don’t know – because they haven’t done their job by actually doing research.

Not only does this put nearly a trillion dollars of debt on us and the next generations, but the constitutionality of the bill is questionable.  According to Article 1, Section 7 ALL spending bills are to originate in the House of Representatives and if passed, then they send it to the Senate.  If it passes there, the executive branch takes a look, and if they pass it, then the judicial branch takes a look to ensure that it is lawful.  That is why it was first voted on in the House on Monday where it failed.  It should’ve been dead and the House should’ve reworked it and voted again.  But they did not do that. Instead, the Senate took it and attached it to another bill which had already been passed by the house.  After that unconstitutional behavior, it now heads back to the house. 

In addition to ignoring the Constitution, this bill allows something else pretty outrageous.  Foreign banks can transfer their bad assets to their American branches and our Federal government will buy them i.e. you and me, Joe and Sally Taxpayer.  For example, the Bank of Shanghai is transfering it’s bad assets to it’s LA office so that we, the American taxpayer, can bailout bad Chinese assets. Does this make anyone else but me mad?  When the house failed to pass the bailout, Angela Merkel, the Chancellor of Germany, and other world leaders were outraged that we had not bailed out the economy i.e. bailed out their bad assets.  Interesting how the world hates us for “policing” the world, yet when we actually make a move that doesn’t effect the world but actually focuses on helping just us, the world gets mad and calls us selfish. Hmmm….but I digress.  Basically, we would paying for a majority of bad assets from the entire world.

This bill is also the largest expansion of government in our history.  It comes straight from Karl Marx’s theory of nationalising the credit markets.  Our country was founded on free market principles and they have served us very well.  Turning to a socialized economy is not the answer. 

There are many other things wrong with this bill, but I won’t go into it.  Many of you may have noticed that the the market tanked 776 points, but if you were paying attention, Tuesday it was back up 498 points.  And that 776 point drop was less than 7% of the total market.  Black Monday in 1987 saw a drop of 22% of the market and yet we are doing fine without massive government intervention.  Also, the market was down nearly 500 points on Monday BEFORE the vote when everyone thought it was going to pass.  Hmmmm….was it down because Wall Street was afraid it was going to pass? I don’t really know, but it does give one pause.

I have decided not to support any Senator or Representative who voted for this. Both Tennessee Senators (Republicans) voted for this, and I will not vote for them in the next election. My Representative (Democrat) voted for this on Monday and am sure he will do so again today.  He will also not get my vote (all 3 of these candidates got my vote in their previous election). Both Obama and McCain voted for this, therefore neither of them will get my vote.  Though other parties exist, they don’t have much sway, and we basically have a 2 party system.  This makes it difficult in elections, because if you don’t vote for the lesser of 2 evils (as has been the case lately), then it’s basically a vote for the other candidate. So a friend of mine came up with a solution.  Obama backers and McCain backers who are now reconsidering their vote for their respective candidate need to team up and promise to vote for one of the other candidates in the race.  In doing so, it is no longer a vote for the other candidate. So I am looking for an Obama supporter who is fed up with this mess and will team up with me, someone who was going to vote for McCain.  No, it probably won’t make that big of a difference in this election, but if enough people start voting their conscience and not just a lesser of 2 evils, in the next few election cycles, we might actually get some people in Washington who will do what is right and not what will line their pockets.


One Response to “Looking for a disgruntled Democrat”

  1. […] world’s bad assets, what else could $700 billion buy? To see my other post about this issue, go here. It might be worth the […]

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