Monday, September 29, 2008

Texas Congressmen who Support Freedom

There are many reasons why the vote on the bailout proposal turned out as it did. Today, the US House voted 205-228 to turn down the President's financial institution bailout proposal. Many Democrats and Republicans turned against their parties in this vote as Democrats favored the proposal 140-95 and Republicans opposed the proposal 65-133.

In legislation, the devil is always in the details. In this case, the devil was in the principle. Banks were forced to make bad loans by government policies. Instead of admitting to passing bad legislation over the last 30 years and ending the policies that inspired bad lending practices, the government tried to cover it up by paying $700 billion to buy back bad loans and cover their own asses.

As Congressman Jeb Hensarling said today, we are on a slipperly slope towards socialism. In the history of government bailouts, the taxpayers have never come out ahead. Buying up these loans sets a bad precedent that says the government's role is to swoop in wearing the white hat and fixing all of our problems. This is not the proper role of government. The experts in the banking industry and market need to be the ones to fix the banking problems, not unelected bureaucrats and Congressmen who take kick-backs from the banks.


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