Some politicians are better than others. Rep. Mike Pence (R-IN) is one of the better ones.
(HT Bill Dennis)
Opposing the Bailout
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"To have the freedom to succeed, we must preserve the freedom to fail."
Amen to that.
The line Randy quoted is the line most of my college peers have trouble with. They all believe it's good if you can succeed "all on your own," but if you have trouble, they think its the responsibility of those who have succeeded by their own power to pull up those who have failed!
Too late…all too late. Panic and emotion have driven the cause. This "kick the can down the road" nonsense will leave us all…with a can down the road. The philosophical and principled thesis of this congressman is essentially correct. However, it should have been more plainly spoken by political leadership: Yes if AIG et al fail it will be a big burden in the short term. If we bail it out it will be a big burden spread out over the long term…and each American will contribute approximately $3,000 each to the burden…because we're going to use YOUR money". That's never the way anything is phrased any longer in any political circle.
Here is an interesting interview of the man who predicted the housing disaster 5 yrs ago
He is talking about government getting out of the way, not about congress "solving" the problem after "thinking through"
From the proposed bail out.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
And we live in a democracy? No outrage? You mean, the ex-CEO of Goldman and Wall Street insider need to be blindly trusted to do the right thing for the people and not the interest of his buddies?
Practical libertarians are throwing out the principle of people acting in their rational self interest?
Oil Shock,
and may not be reviewed by any court of law or any administrative agency.
The justices of the supreme court spat their coffee all over their paper when they read that this morning. I'd be shocked if at least one didn't choke nearly to death laughing at that. They may just declare this whole thing unconstitutional as payback for slipping that in.
Somebody ought to shake Ben and Hank from their drunken stupor and remind them they're not living in a monarchy – yet. You can't ignore one of the checks on power just 'cause ya' wanna.
US Constitution, Article III, Section 2. Congress has the (rarely used) power to prevent Supreme Court review of anything.
While America carries on with its daily life, polititians and banks are buying up real estate for themselves with taxpayers money.
I never thought I'd live to see the day when USA will remind me of my old country – Russia that is.
I realy think this was their plan all along. Soft lending techniques led to inflated prices. Inflated prices led to forclosures. Forclosures led to financial institution failures. Failing financial institutions fall prey to large ones. And large ones, as we know, are in bed with government. This is a total consolidation of real estate, nothing less.
People up there are reclaiming the ownership of their own native land. Those that are in the circle will get a share, those that are not will get it up the ass.
Investors will be lost, trust will be broken, dollar will devalue and we all will have to learn to live in a socialist society. Most of you dont know what that means.