October 5, 2008

A look at the bailout

Pajamas Media author Tom Blumer has an interesting take on the Bailout Bill:
Bailout Saga Proves that Elites Don�t Care What We Think
In mid-September, when it became clear to Hank Paulson, Ben Bernanke, and George Bush that extraordinary measures were needed to address the mess that had built up in the financial markets during the past decade or so, their first instincts should have been to say:
  • �We need to have a complete plan to deal with this.�
  • �We need to make a case to Congress and the American people that our plan will work.�
They did neither of these things; nor did they even seem to consider whether what they wanted was even constitutional.

Instead, they in essence demanded that Congress and the American people give them a blank check, saying, �Do this, or else.� Last Sunday, I called it blackmail. I stand by that.

Of course, a large plurality of Congressmen and Senators, along with a majority of the American people, were repulsed. The wonder is that everyone wasn�t.
Hat tip to Glen for the link... Posted by DaveH at October 5, 2008 2:45 PM