It seems George Bush and Obama have decided to assume the roles of Tweedledum and Tweedledee when it comes to the economy. Bush abandoned free market principles in his quixotic quest to keep the “economy” going, and Obama has no belief in free markets period. When these two idiots are done, the sad reality is that it is the taxpayers are going to foot the bill for this insanity on both their parts… WaPo:
Senior Bush administration officials are preparing to ask lawmakers for the second half of the $700 billion financial rescue package despite intense opposition in Congress and then use a presidential veto if the request is voted down, sources familiar with the matter said.
The initiative, which is being coordinated with President-elect Barack Obama’s transition team, may be taken within days, the sources said, speaking on condition of anonymity because no announcement has been made. But it remains unclear who would wield any veto. While Obama transition officials prefer that current administration issue it, the White House is declining to address that question.
Democratic Senate aides were notified in a meeting this afternoon that the request could come as soon as this weekend and that a vote could be held as soon as next week, congressional sources said.
Under the emergency rescue legislation approved by Congress in October, the administration must inform lawmakers that it wants access to the second installment of $350 billion. Unless Congress passes a resolution rejecting the request within 15 days, the Treasury can begin to tap the funds. If Congress does turn down the request, the president could veto the resolution and then the Treasury could proceed.
Can somebody, anybody please explain to these two individuals that fundamentally the economy is nothing but individuals deciding what value to place on goods and services, and then engaging in financial transactions which validate their beliefs. Pumping money into private industry goes against every principle of the free enterprise system, for in a centralized economy those at the center cannot make you, me or any other individual decide what goods we want to buy, or what we are willing to exchange for them.
If a business is not profitable, and has no viable (as validated by an injection of funds from the capital markets) strategy to achieve profitability, then that business does not deserve to exist. It matters not whether it is as small as the Mom ‘n Pop cleaning company in your part of town, or as big as Citigroup.
Ultimately, this whole issue of bailouts is ridiculous, if folks want a centralized economy they should emigrate to Cuba.
As for Obama using “the economy” as a scare tactic to get Congress to give him a blank check, if memory serves me right, another President used “WMD in Iraq” to get Congress to give him a blank check too, and see how that played out.
Posted by PUMA Pundit
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