Monday, September 29, 2008
There is a God, and Democracy does Work!
Okay, I was kidding about those two things, but the House's devastating vote-down of the Bush bailout plan does show that the American people are not the pathetic doormats the administration takes them to be. It isn't so easy to terrorize them into making a decision that they have no time to think about.
The administration's attempt to turn America into a Mussolini-style corporate state has failed, at least for now.
Big losers here: Bush, Paulson, McCain, Obama, the mainstream media, people who make bad economic decisions. Winners: Ron Paul, the taxpayer, the internet, people who make good economic decisions.
The mini-crash this caused in the stock market was exactly what should be expected -- in fact, it wasn't as bad as I thought it would be. This is what the market should have done two weeks ago, but was artificially delayed by the fact that investors were being offered this gigantic welfare check by Paulson.
Obviously, we should do something, and soon, to fix the system. What we should not do is enable people who have made faulty economic decisions to shove their costs on to people who have made good decisions. That (aside from the obvious ethical issues) would only make the real problems worse in the long run.