As you probably already know, the United States House of Representatives passed H.R. 1424 today, the nearly 1 trillion dollar bailout bill commonly known as the Emergency Economic Stabilization Act of 2008. This bill is so typically Washington that I can almost smell the burning end of Marion Barry's crack pipe as I write this. It's chock full of handouts and totally unrelated subsidies for things like wooden arrows for children (because they need to learn to hunt for when we all go broke and there's no food), and broader support for insurance companies extending greater coverage for mental health treatment.
But, in this case, it's not the pork that's bothering me. It's the fact that with the single stroke of a pen, our President effectively introduced socialism to America.
What is it with politicians these days that they can't simply admit that, sometimes, things fail. Sometimes, really important and big things fail. And those failures can often have a huge effect on our country. But that doesn't mean it's an excuse to step in and take control.
The market has a unique way of taking care of itself. First things fail and people get scared and pull out. Then, as the dust settles, things start to stabilize and investor confidence slowly goes up. The good of the market survives while the bad of it dies. Bailing out the bad just shows them that there are absolutely no repercussions for their bad behavior.
Swindle the American consumer? No problem!
Defraud a large section of the economy? It's okay!
Because, at the end of the day, the federal government's got your back.
And don't think this is a single party thing either. While the bill was heavily pushed by Republicans and the President, lawmakers from both sides participated in ushering in our new socialistic system. Barack Obama? Yep. John McCain? You betchya! The blame lies on both parties equally. Both parties have betrayed the American people and the Constitution of the United States. This bailout strikes at the very foundation of the free market system and, I hate to tell you, it's just the beginning. It's not going to end with this bailout. It's not going to stop at one industry.
Ranting? You bet I am! I'm mad as hell that people who are elected to represent us are more interested in protecting their Wall Street buddies (who I agree, do need some protection in some cases) than their Main Street constituents. I'm livid that we're being told one story and sold another. I'm sick of them treating the American people like we're too stupid to understand what this is. 'Rescue Plan' my ass. Unless the rescuing they're doing is of their large campaign contributors, this is a bailout of Wall Street plain and simple. It's an example of back scratching at its very ugliest,
Now, if you'll excuse me, I'm going to go and burn another piece of my well-worn American flag. There's barely any of it left anymore and it saddens me.
I wonder what the last piece will fall to?