
The late Samuel Francis stated that the United States has a two-party system, the
Stupid Party and the
Evil Party. Occasionally, you find a bi-partisan effort and when you do so, you can count on that proposal being
both stupid and evil.Musings from Maytown is incensed that Washington power-brokers have come together to bail out the greed of both big business and big government. Noted economist Jim Rogers has said that this bailout would make our economy more communistic than that of Red China. Do we really want that much more infusion of government into our economy? Years ago, I heard Congressman Phil Crane state that
Government does nothing well. While observers should have noted the failure of statist systems and the growth of free market economies, our nation promises more from government. How blind do our leaders need to be before they realize that government spending is breaking the taxpayer and damaging the economy.
Musings from Maytown has never posted a guest editorial, but I could not improve on the writings of Matt Chancey. Please give careful attention to the wise warnings of
Matt Chancey
Dear friends,
The reason I am writing you today is to ask you to join me in contacting your congressman and senators to urge them to reject the $700 billion bailout being rammed through Congress this week.
The propaganda being pushed by the Federal Reserve, the Bush Administration, and candidates for president in both major parties is that this move is a "necessary evil" due to corporate greed on Wall Street.
The reality is that this $700 billion bailout (about $10,000 per taxpayer), is the government making you pay for the disastrous political correctness they have forced on our financial institutions for years.
The free market is not at fault here. Government regulations that gave home mortgages to people based on their race or economic condition (not on their credit risk) are now coming home to roost—and this same government wants you to pay for the domino effect this has caused throughout the markets.
If we don't, we're told we face another Great Depression.
I don't know about you, but my "default setting" is that whenever government tells us to do something or else horrible things will happen, I tend to do the opposite. I think this view holds true now more than ever.
The success of this outrageous scheme is not even guaranteed. No one can guarantee that adding $700 billion to our national deficit and sponsoring a government takeover of some of our largest financial institutions will fix our current problems. In fact, history shows that it's guaranteed to fail. Remember, the people promoting this were telling us everything was fine just a few weeks ago. They are either colossal liars or incredibly incompetent. But, in all seriousness, they suffer from the problem we all suffer from: not being omniscient!
Will things get worse economically if the government does not "fix" this problem? Of course. We've sowed the wind, and we're reaping the whirlwind. But spending $700 billion of taxpayer money to "fix" this problem would be sowing the whirlwind and reaping a hurricane.
Here, in essence, is how this bailout would work: Our government has no money but does have an endless credit line with the Federal Reserve Bank. The FED prints $700 billion and gives it to Uncle Sam, who gives it to the lending institutions that are going belly up. This effectively pays off the bad mortgage losses and gives these lending institutions instant cash they can then loan back to us…at interest. In the meantime, we're paying interest on the $700 billion in new government debt that's added to our $9.8 TRILLION national debt.
This does not even address the inflation caused by the FED printing $700 billion more and dumping it into the present money supply. Lowering the value of our dollar is a hidden tax in itself, hurting the poor and those on fixed incomes.
If we have to "pick our poison," so to speak, I'd much rather take the risk of a temporary market hit and a few giants in Wall Street collapsing than the US taxpayer taking a $700 hit plus interest for the next several generations—not to mention the mass socialization of our financial markets. It's bad enough when government over-regulates our markets—it's far worse then they OWN the markets.

If our government wants to do anything, it should end the insane regulations that give home loans and other financial perks to people who can't afford them. It is unfair to the millions of Americans who pay their bills on time to make them pay for politically-correct stupidity from Washington.
For conservatives to support this measure is like saying, "The free market is only workable under ideal conditions, but when the going gets tough, we need the government to step in and take over." But when has this ever been the case? It's the government that caused this problem in the first place.
If you live in Alabama, please contact Senators Sessions and Shelby. Sessions has shown himself to be the true maverick (John McCain, eat your heart out) at times, even taking on the Bush Administration when necessary to defend conservative principles. Give him the ammo he needs to stand firm against this mass Socialism scheme.
Senator Shelby has been intimately involved in negotiations for this bailout. Please contact his office and let him know your feelings as well.
Session's phone number is: (202) 224-4124
Shelby's number is: (202) 224-5744
You can also contact your congressman by visiting:
https://forms.house.gov/wyr/welcome.shtml
Let's stand together and defend our future from being mortgaged by liberal Democrat opportunists and complicit Republicans.
Best regards,
Matt