I will be skipping the usual talk of my super cute wonderful baby and my knitting today.
I know talk about the bailout is everywhere right now but I for one (and there are many, many more) do not think the bailout is a good or appropriate measure right now.
Norm Coleman admitted that the calls coming in to his office before the U.S. Senate voted on this unconstitutional bill were approximately 11,000 to 100 against the bill and yet he did not listen to the people he claims to represent.
Our country has gone through more than one bubble bursting in the past, we’ve all survived and our economy has held on and grown. A major reason we haven’t plunged into depressions because of those bubbles is because the government has left the private sector alone. Now, this year, today it decides that they (Congress) will be the saviors of us all by adding regulations and throwing money at us. Why is this crisis the one they decide to “fix”?
It is critical that our country look to the past and learn from it. This is an excellent article put out by the CATO Institute in September of 2005 regarding how government intervention actually caused the Great Depression rather than helping us out of it.
I believe we will be headed for another Great Depression if this bailout bill does pass in the U.S. House today. Government intervention into the private sector and the market has not worked in the past, so why should it work now?
**Just after I posted this, the House vote took place and the bailout bill was passed. I guess we’ll just have to wait and see exactly what the ramifications are.