Sunday, September 28, 2008

The United States: More Socialist than Canada

The Associated Press: Who wins, who loses under proposed bailout plan?

So the passing of a bailout plan seems imminent, maybe as soon as tomorrow. Unbelievable, isn't it? That in a few short weeks, the bankruptcy of the system is exposed so deeply?

This bailout plan is beyond stupid. First, it is plainly political; the current regime HAS to do something, lest they get blamed and thrown out of power (which would be fine by many people I know). Like Ron Paul has said, when everybody in Washington gets together to do something big and "Bipartisan", you know we are headed for disaster.

Second, it is being done with extraordinary haste. The last time legislation was piecemealed together and passed so quickly, we got the Patriot Act. That sure worked well, didn't it?

Third, it is being done without proper knowledge of the causes. This insanity in the banking system is due to the monetary expansionist policy of the Federal Reserve, but this point seems to have escaped Washington. Quoting oh-so-daddy-dearest of the US of A, "There is now widespread agreement on the major principles. We must free up the flow of credit to consumers and businesses by reducing the risk posed by troubled assets."

Oh, Mr. President, I have three words for you...