House Rejects Bailout – Expect More of the Same

The house rejected the first bailout bill. I don’t expect the powers that be to accept that result. They most certainly will continue to try to get this horrible misappropriation of taxpayer money passed no matter what. We’ve got to keep on them.

I also read an excellent opinion piece on CNN written by Jeffrey A. Miron. In it, Mr. Miron explains the benefits of allowing the failed financial institutions to fall into bankruptcy. He also touches on the problems the government is already causing the market – by keeping the market in limbo while it waits for a bailout it shouldn’t get.

The Senate is supposed to vote on a new bailout package Wednesday. I encourage you to call your Senators and let them know you oppose the bailout. I’d also include a link to the CNN article above to help them get some perspective. I also encourage you to call your congressperson and let them know you still oppose the bailout. Apparently, ordinary citizens have been calling to complain about the bailout not passing after their stocks tanked on Monday – I guess they think it’s okay for the government to prop up their investments just not the investments of large financial institutions. Let me be clear: there is no good bailout! Bailing out individuals will hurt us in the long run and bailing out large financial institutions will hurt us in the long run.