Monday, September 29, 2008

Socialism Posponed by 23 Votes

Thanks goodness the Bush/Paulson/Reid/Pelosi $700B bailout failed. It defiles all logic why someone would favor rewarding poor business decisions. The only logic can be is that those in power are trying to protect their personal wealth. They could care less about the average American, despite their rhetoric. They also could care less about their future of their country.

Why is it the taxpayers' responsibility to help those bankers, lenders and left wing politicians that felt it was in their best interest to lend money to those unwilling to make reasonable home-purchase down payments and who would be unable to pay their mortgages if the economy turned negative?

It is not the responsibility of my wife and I. We pay our debts. We only assume debts that are reasonable. To us, at this stage in life, we have no debt. We'll never go in debt for anything ever again. We'd rather do without.

Today's vote on the Emergency Economic Stabilization Act of 2008 shows how poor of a leader Speaker Pelosi is. She is blaming the Republicans for the defeat. She insults every American by her rhetoric. Count the vote.

Democrats voted 140 to 95 in favor of the legislation, while just 65 Republicans backed the bill and 133 opposed it. 95 of those in her party voted against it. She was unable to convince 23 of them to vote for it. She's a disgrace as a party leader. She should resign (she'll never do that) or the leaders should get a new leader (they will if they lose the presidency in November).

The Act give TOO much power to the Treasury. It give the Secretary of Treasury the ability to decide which mortgages and assets that are clogging the balance sheets of which financial institutions. Oversight is poor. Taxpayer dividends are non-existent. It is a "give us your money, we know what's best, trust us" socialist monetary policy.

I could care less if Bush is "very disappointed." I do not buy into the sky is falling mindset. What if we do nothing? What if we left these businesses that make terrible financial decisions fail? What if we experience a period of high unemployment? What if credit is hard to get?

Capitalism rewards the most competitive; punishes those that cannot preform. Capitalism, if allowed to work, gets rid of the chaff. It is painful; tough love is always hard.

Sure the market fell a record 777 points (nearly 7%). It'll probably fall again tomorrow. It seems to me that if left alone, it will fall to an acceptable level, the poorly managed firms will fail, but over time, in months, not years, we will get back onto the road of prosperity. funny how the stock market works: for every share sold, someone buys. Before too long, it will become a buyer's market.

My biggest fear is that the same people who have placed us in this situation are the one's thinking they can get us out. I don't think so.

With the government taking ownership of much of the nation's mortgage paper (Fannie & Freddie -- who the liberals said would never fail and were well managed not too long ago), a huge, global insurance company (AIG), an investment bank (Bear Stears), propping up their remaining Wall Street wonder boys (Goldmans Sachs & Morgan Stanley), pumping billions more into the banking system, we have become a few huge steps closer to full-scale socialism. Next we need to take over a car company or two, perhaps an energy company and why not use a trillion or so in building a renewal energy conglomerate?

I thank those 228 elected officials (including my Rep, Jim Matheson) that had the cajones to vote against the Bush/Paulson/Reid/Pelosi request to stomp on the Constitution and steal from the American taxpayer.

I say let it ride! Government intervention be damned! And I really don't care what the rest of the world thinks.

1 comment:

Keith Rowley said...

Right on!