Bailout rejection - tide turning against the nanny state? (judgment, free market, debt)

[StoneOne]

I was as surprised as anyone by the failure of the bailout bill. I fully expected the House to vote to support this piece of legislation, because I was certain that the overwhelming majority of the political establishment, Democrats and Republicans alike, have become convinced that statism is the only way and that free markets are dead. I also thought that the vast majority of our population has bought into that idea as well. For those reasons, I was mildly supportive of the bailout as being necessary to prevent social chaos and turmoil. I had written this country off to a future of economic mediocrity (at best).

Right now I'm been given a major spark of optimism. Perhaps I was too pessimistic. Maybe the bailout's failure has been a reflection of the people's will and belief that government cannot and should not solve all our problems. Maybe the nanny state incurred its first critical wound today? Maybe it has begun to die a slow death and give way for the true market's reign?

[maf763]

Interesting thought . . .

[boocake]

The vast majority of Americans saw this as average Joe spending money to "bail out" wealthy bankers. They failed to see the carnage that NOT passing the bill may very well impose in their own lives.

[TexianPatriot]

the Fed injected over $630 billion today. Liquidity was provided via the taxpayer and we still crashed today. The fed is just about out of ammo too. GREAT DEPRESSION 2008!!!

[bhcompy]

Originally Posted by boocake

The vast majority of Americans saw this as average Joe spending money to "bail out" wealthy bankers. They failed to see the carnage that NOT passing the bill may very well impose in their own lives.

i think most every economist that has weighed in on it publically has said that it just delays the inevitable.

[Widowmaker2k]

I don't think the rejection of the bailout plan is evidence of a political shift towards classical liberalism, I think it's simply a manifestation of the "vote myself more money" attitude that we suffer from. The average individual, in general, regards matters of economy in terms of short term dollars and cents. That is, they see the huge price tag on the bailout plan and realize that it will personally cost them a lot of money, neglecting the fact that major economic collapse would almost certainly cost them a lot more. In this case, the proletariat also relishes in the financial ruin of members of bourgeoisie, which in this case are represented by the 'wall street fat cats,' because they see it as an opportunity to punish the corporate officers for being 'greedy' (which is really just a shot at them for being successful and wealthy). It's almost classic Marx. Never mind that these failing companies employ lots of working class folks, and that their the fallout from their collapse will be felt on every street corner...that's just not important right now, we must concentrate on cutting off that damn Nose, because the Face has had it coming for a long time.

[evilnewbie]

Originally Posted by StoneOne

I was as surprised as anyone by the failure of the bailout bill. I fully expected the House to vote to support this piece of legislation, because I was certain that the overwhelming majority of the political establishment, Democrats and Republicans alike, have become convinced that statism is the only way and that free markets are dead. I also thought that the vast majority of our population has bought into that idea as well. For those reasons, I was mildly supportive of the bailout as being necessary to prevent social chaos and turmoil. I had written this country off to a future of economic mediocrity (at best).

Right now I'm been given a major spark of optimism. Perhaps I was too pessimistic. Maybe the bailout's failure has been a reflection of the people's will and belief that government cannot and should not solve all our problems. Maybe the nanny state incurred its first critical wound today? Maybe it has begun to die a slow death and give way for the true market's reign?

You forget, election time is VERY close... you can either do the right thing (which is what happened) or do the wrong thing and get voted out... Normally, Congress would do the wrong thing.... unfortunately, Wall Street is not allowed to pick presidents... thats the taxpayers job...

[Gematria]

Quote:
Originally Posted by boocake
The vast majority of Americans saw this as average Joe spending money to "bail out" wealthy bankers. They failed to see the carnage that NOT passing the bill may very well impose in their own lives.

Originally Posted by bhcompy

i think most every economist that has weighed in on it publically has said that it just delays the inevitable.

I wonder how much of a debt load the Federal government can handle in the future with doling out money to other countries and with "bail outs" in the U.S.? Can the country sustain 15, 25, 45, 75, 100 trillion dollars with future bail outs without inploding? I wonder how persons will feel when their cash is devalued weekly by a federal government that will be injecting into the world huge amounts of cash destroying persons life savings to meet its interest obligations?

I wonder in the coming future if the Democrats & Republicans will get a hair idea to sell off the birth right of this nation for a North American Union to deal with the mounting debts and large amounts of elderly persons in the future? I think many Democrats & Republicans would easily sell the country off for a bowel of soup.

The "bail outs" are putting a band aid on a festering wound. There will come a time in the not to distant future that "bail outs" will not deal with the issues of the day. There is a judgment day coming for the U.S. in the future that devalued funny money will not solve the issues of a certain day.