Bread or Freedom?

Today after my 11am class I walked back to my dorm room, picked up my wallet and went to get lunch just like any other day. I picked up my lunch and walked back to my room and intended on eating and checking the news of the day, seeing that the House would have certainly passed the proposed 700 billion dollar bailout plan. I signed online and checked my email account where the front page news read "House Rejects Bailout Plan." Did Washignton actually listen to their constituents? Did those in the House vote in the interest of those who elected them instead of the banking interests?! I could hardly believe it. I was so estatic about this that I spent the next hour or so calling and texting peole asking if they had heard the news. Over 70% of Americans were against this bailout yet everyone expected the House to comply with the president and pass this bill quickly out of "moral hazard", whatever that phrase means in politics. Or as presient Bush said "The risks of doing nothing, far outweigh the risks of the package." With all due respect to the president there are not only 2 options available. We could return to sound money, fight inflation and curb spending. But that aside; the House did not seem to buy the presidents pleas for a quick pass of the bailout. The president wanted it to be quick so that people would rely more on their emotions and not have ample time to think criticaly about the bill, similar to the way the Patriot Act was passed qucikly after 9/11. Those who spoke out against the Patriot Act were viewed as Un-American and did not have the "people's" interest in mind. The president made similar claims about the bailout. It seems the House pulled the "fool me once shame on you, fool me twice shame on me", card. They seemed to call the president on his doomsday speech.

Now I know I have been extremely critical of the actions of this Congress, and I think rightfuly so. Of course I am not alone; Congress's 9% approval rating speaks for itself. But to the House I must reluctantly say this....thank you, but this is not enough. Real monetray and spending reform is needed, not more regulations. Now another bailout could pass through the Senate or House, or more regulations desguised as reforms coud be proposed.

As expected Wall Street took a hit, a huge hit. The DOW finished down 777 points, the most ever. This is of course to be expected due to all the maleinvestment. If I could tell Congress one thing it would be this; please, please allow these markets to correct naturally. Do not intervene to try to help. Yes we will have a huge recession and things will be bad for a while. But this is much better than borrowing and printing even more money, creating more inflation and further driving down the value of our dollar. The answer is less government, not more. Many times in history people have, in a time of crisis, passed measures that promise to solve a crisis and give people peace, prosperity and bread...so long as you give up some of your freedoms for this so called security. Is Congress possibly learning from the past? It is very unwise to sacrafice and give up freedoms and liberty for a temporary promise of being safe and taken care of. When those freedoms are given up they are hardly ever returned to the people; and when the next crisis rears it heads the same verbiage and logic is used to once again scare the people into voting away more of their freedom. Nothing is more dangerous than banking institutions backed by the government; because the power to tax, and inflate the currency is the power to destroy a nation. No army can dessimate a country the way that the national bankers can; those who have lost their retirement funds and houses can attest to this today.

I happened to listen to a few of the speeches on youtube about the bailout in the House. One speech that I was impressed with was (R) Rep. McCotter. I will link his speech at the end of the article. (R) Rep. Ron Paul also stated his opposition to the bailout ever since it was proposed, did some people listen? Well it appears so. Now I am still cautiously optimistic about this issue. If the Senate passes a bailout, or a similar bill is passed all of this will be for not. I am also aware of the politics behind this; but it seems that both Dems and Repubs came together on this. 2/3 of Republicans voted against it as well as 60% of Democrats. One would think that so close to an election, that both parties would frantically pass almost anything to temporarily attempt to make the situation look better. To their credit they did not do this. I hope the failure of this bailout bill is a taste of things to come; and that many in Washington have decided to stop cow-towing to their special interest groups. However like the financial market, I wouldn't; and haven't, bet my hard earned money on it.

In Liberty,
Mr. Jefferson

http://www.youtube.com/watch?v=Csthf_CQsjo&feature=email

Do not bite at the bait of pleasure till you know there is no hook beneath it.
-Thomas Jefferson