Questions abound: Do we believe in markets, which can be volatile--or only in managed markets biased by government policy to the upside? Or do we believe in corporate socialism?
Is our economy so fragile that it cannot withstand shocks? Or is it fundamentally sound, as Senator John McCain was declaring until just days ago? And if our economy really is fragile, just how will borrowing $700 billion more to pay for bad loans make things better for anyone but the lenders and some of their customers?
What assurance do we have that borrowing $700 billion will not make things worse? None.
You want me to think things are going to get systemically worse without this bailout? Prove it demonstrably. This system is broken, and throwing money at it is asking too much of taxpayers. No matter what David Gergen says, this wasn't a mistake.
Fundamental mistakes have not been addressed in the proposed legislation that absolutely should be before the American taxpayers allow our legislators to pass anything:
- Confidence. Confidence in the economy has been systematically hammered over the past few weeks not just by market circumstances, but by public statements and arguments made by the MSM and politicians alike. The effects of low confidence (by consumers and other stakeholders) are innumerable. Low confidence is a key cause of runs on banks (precipitating this whole mess), and folks withdrawing their money from the markets.
- Credit Card Companies: If these m*therf*ckers are going to benefit from this legislation, then NOW is the time to make their practices more regulated concerning fee structures and transparent and immutable billing means for their clients--you and me.
- Punishment. That's right, punishment. If I don't pay my bills I'm probably going to go to jail, or live a life in abject poverty until I die and get buried in a pauper's grave. If bankers, housing inspectors, whoever, didn't do their job, then punish and fine them as individuals. How about some accountability here?
Now is the time to invest in solid companies that actually produce something, not worthless paper stocks that just buy other worthless paper stocks. And make sure they're American companies, too, not ones sending us poison imports . . .