Posted by: rotenochsen | January 1, 2009


Thursday, January 01, 2009

Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.” —Ronald Reagan

In action reminiscent of the Ronald Reagan years, 24 of the 128 members of the Republican minority Congressional delegation, have signed on to a Proposal to the Republican party by James Bopp vice-Chairman of the Republican National Committee.
The Congresional Proposal argues that the financial bailout effectively nationalized the banking system, and that the rescue packages are “moving our free-market based economy another dangerous step closer to Socialism”!
If introduced as a Bill and approved, it would put the party on record as opposing the bailouts of the financial and automotive industries, and that no more bail outs would be voted for by Republican members of Congress.

Although this bill has little chance of passing in Congress much less in the Senate where the “Rich and Famous” Senators spend taxpayers money like they are playing monopoly. This action might just be the beginning of a resurgence of the Conservative principles that the Republican used to be noted for.

Although the White House insists Bush does not personally like the idea of government intervening in private business but that he backed the rescues out of necessity.”This was the necessary and responsible thing to do to prevent a collapse of the American economy,” White House spokesman Tony Fratto said in a written statement.

In this blogger opinion he does not want his legacy to include the failure of many banks and the Big 3 auto makers in Detroit. He would rather that debacle be passed on to the incoming President, as it certainly must happen sooner or later.
Band Aid bail outs only delay the bottom that must be reached before the economy can begin it’s gradual climb to economic stability, unless we embrace total Socialism and stagflation as seen in places like Argentina.

But the eight years of the Bush administration illustrates the gradual abandoning,by most Republicans of Conservative economic principles in favor of “bringing home the pork” to Congressional members districts. Bush had the option to veto any and all bills that contained the billions of dollars that contributed to a multi-trillion dollar deficit, but seldom used the pen. Now the taxpayer will have to pay the bill!

I believe what is needed to fix the banking industry is not a bailout, but rather a commitment to fiscal responsibility, and the Bopp resolution says just that. “Members of the Republican National Committee call for all members of Congress to oppose any and all future bailouts that might come before the Congress, including President-elect Obama’s public works program.” Source:Fox News


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