Thursday, September 25, 2008

The House of Cards Shudders a Little

Finally, it sounds like there is real debate with regards to this farce of a "bailout".

While the Dems are enjoying an attempt to snipe at McCain, the basic fact is that McCain ducked out a side door after this meeting - avoiding the press altogether. It was the Dems who felt a need to go get licks in against McCain in in front of the cameras.

That said, at least one Representative showed up with 11 pages of responses from Drs. of Economics spread out amongst some of our most prestigious institutions, including Harvard, Yale, and MIT. All 11 pages were against the bailout as proposed by the administration. All agreed that infusing cash in this manner will only delay the crash, and give us that much more to fall when it does come. Another mentioned last night that comments from his constituents were running 300:1, against the bailout.

I am hopeful that the package, as it stands right now, has cut the amount of money initially available to Treasury to $250bil, with more available only after a Congressional vote. The new package also has much more oversight and approvals, and requires any profits be reapplied to the National Debt. Still not great, and still not the correct response, but a much much more manageable number. This new package also provides more time to look at the results before committing fully.

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"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." – Thomas Jefferson