Monday, September 29, 2008

A voice of restraint

My Congressman, Thad McCotter (R), did not support the bailout and had some pretty strong words for his fellow Congressmen today,

"In the 1832 Bank Panic, Andrew Jackson had the question of whether he would remove the Bank of the United States’ charter. The people in the bank did not like that. They threatened the prosperity of the American people and in the middle of the panic Andrew Jackson looked at these bankers and said: “There are no necessary evils in government. The treasury to you, gentlemen, is closed"...

Today we are in a global financial bank panic. It is the first of our global economy. We are seeing a leveraged bailout of the United States treasury. And in the end these interests that want your money are threatening your prosperity. And the choice you face is this. You will lose potentially, for prosperity for a short period of time, at the expense of your long-term liberty. Once the federal government has got you to take that risk and pass it onto you as a quote-unquote moral hazard, they will be in the marketplace and as the free market is diminished your freedom itself is diminished. And as your Congress does not stand up to these and put forward a better plan that truly protects the taxpayers and truly has the long-term interests of the United States at heart, you will be in jeopardy of losing both your prosperity and your liberty...(Read the full text here)

Thankfully, unlike Obama, McCotter doesn't want to "treat us like investors." and is willing to once again say, "the treasury to you, gentlemen, is closed."

The larger question remains unanswered. Will this bailout, in whatever form it takes, bring about a greater tolerance for a government solution to every crisis? So much so that all the powerful have to do is create a crisis, in order to take over a larger and larger portion of the private sector. Just wondering. After all, it was Congress that created this crisis and now they are claiming to be the only ones capable of a solution. (Watch as Democrats including Obama advisor, Franklin Raines, say there wasn't a problem at Freddie and Fannie.)

Why are we trusting them to fix what they messed up?

The answer is simple, because most of us (me included) are too uneducated about basic economics that we can't even understand the basics of what's going on. We are at the mercy of those that tell us what they think and divide along party lines. I blame the public schools. An educated electorate is a requirement to retain a representative republic. We are supposed to hold our representatives accountable but we can't because we don't even understand what they're saying. And sadly, most of them don't seem to understand what they're saying either.

Nancy Pelosi doesn't appear to have any clue about what to do and can't even direct the members of her own party. Bush, Obama, and McCain all appear to be waiting for someone to turn on the teleprompter. Perhaps their collective ineptness and ignorance will keep our country from unbridled socialism. (I can hope can't I?)

That's why McCotter's small rebuke to Congress was such a breath of fresh air. By the way, McCotter's speech wasn't long; but if you don't want to read the whole thing, watch the two minute You Tube here.

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