Everyone is bailout crazy. Insurance companies, banks, investment banks, automakers… and more are lining up for their share. So far the aggregate total exceeds $1 Trillion, and the total is expected to continue to grow. To put that in perspective, that’s about $4,000 for every living human being in America. If you have a wife and three kids, congratulations- you just spent $20,000 on corporate welfare.
President Bush stated that he has put aside free market principles, in order to save the free market. That is at the very least a calumnious statement. Many of us find it flat out contemptible. I wasn’t looking at the TV when I heard the President’s statement, but were it not for the Texas drawl I would have sworn the senseless words were those of Harry Reid or Barney Frank or, heaven forbid, Obama himself. If he put aside free market principles, what principle was he using?
To many who are attuned to the doublespeak of government, it has the ring of autocracy. To make you safe we put you in danger. To make you independent we make you dependent. To save the free market we attack the free market.
Those who seek power have long adhered to the Hegelian dialectic. The basic idea is that in order to get your way, you create a problem and then propose a solution to the problem that incorporates what you want. It works sort of like this — A wife wants a new car, but her husband doesn’t want to spend the money. So she stops changing the oil and, pretty soon.. voila, a new car is necessary.
If you substitute Congress for wife…and taxpayer for husband…oh what the heck. Here's how it goes — Congress wants control of the economy, but we Americans like our capitalism and free markets, so Congress sets fire to the housing market (see Community Reinvestment Act), the fire spreads, and now businesses are begging Congress to take control. Ah, the heady days before Chuck Schumer tossed a metaphorical hand grenade into the lobby of IndyMac Bank.