The Senate is quite proud of itself. In the wake of their having passed a porked-up bailout package, they are nearly tongue-tied with self-admiration for all that they are doing for us. The news media is helping in this lying scheme. I think it was on Tuesday that I saw a headline on MSNBC that stocks rebounded on hopes of passage of a new bailout package from the Senate. This is hogwash. Stocks rebounded because there were lots of bargains to be bought on the market. But heaven forfend! We mustn’t let the word get out that markets actually fix themselves!
“Ah, yes, but have you looked at your 401k lately?” ask many monetarists, neo-conservatives, plutocrats, and their sympathizers. Well, I don’t have a 401k, but if I did, I would still recognize the need for the market to correct itself. We are, presently, faced with a choice between going through some bad times now or some worse times later. I’d rather have a 401k go bad now and improve on more solid ground, than have one that becomes worthless after the dollar collapses thanks to the depredations of the U.S. Treasury. This only seems like common sense. Here one can find the following comment by a very sensible 401k holder:
As someone who today lost thousands of dollars in 401k savings, I say thanks to all who voted against this bailout. I truly understand the national and international downside to the market corrections that will occur. However, these corrections are necessary without further Government intrusion. Capitalism has not failed but Democrat Social engineering has been shown for the failure it is. It’s time for voters to wake up and see that voting for the liberal socialist Democrats has a high price.
The only caveat I’d offer to this comment is the fact that I think “democrat” should be spelled with a lower-case “d,” since not only the Democratic Party but also the Republicans have been a part of the State-sponsored looting scheme: confiscatory tax rates (that’s any tax rate above 0%), monetarism, imperial globe-trotting, welfare, corporate welfare, funding football stadiums (well, I guess that’s on the local level), and the like.
Incidentally, last year Ron Paul was talking about the impending financial doom while Rudy Ghouliani, et al, were cackling into their microphones at the GOP debates. Ron Paul is now the one that all the financial shows are bringing on as a guest, while, Rudy Giuliani……..hmmm……what’s he up to?……….
Last I heard, he was offering to be a “consultant” on how the bailout money should be spent.
And what about the “maverick” John McCain? A reader sent me an email earlier today, saying that McCain could seal the election for himself by standing on the steps of the Capi-toll building and opposing this latest round of corporate welfare. Alas, he is not only going along with it, he’s doing everything he can to get the credit for it.