Congress worked furiously this weekend, in brazen contempt of the Constitution and the people’s wishes, to come up with a plan to bail out irresponsible banks and borrowers that’s almost as bad as the earlier proposal floated by President George W. Bush.
The new proposal, for example, redistributes the taxpayers’ money more slowly, subjects the actions of the Secretary of the Treasury to judicial review, and includes provisions, like prohibiting “golden parachutes”, that might discourage some firms from slurping up the taxpayers’ sweat.
But the proposal remains a massive, expensive, unwarranted, anti-Constitutional intervention in the economy that exacerbates the very conditions that fostered the current financial mess. It undermines the market economy, increases wealth redistribution, encourages both the state and the people to live beyond their means, nurtures the spirit of entitlement, and fuels the dangerous perception that the federal government can and should shield the people from all the harsh realities of life.
The House of Representatives is expected to vote on this outrage today. Please call your Representative’s office and urge him/her to vote against the bail-out. If you do not know how to reach your Representative, click here.