9/20/08 Trillion dollar bailout on Wall Street!

Wow! Can’t believe I was worried about the AIG bailout last week, this makes that seem like peanuts! Here’s a good take on this (this, by the way, is on the website of the Mises Institute, a proponent of the Austrian School, one of the oldest economic systems based on social science)

http://blog.mises.org/archives/author/j_henderson_1/

September 20, 2008 11:40 AM by J. Henderson

The Wall Street Journal editorial page's Stephen Moore supports the trillion dollar bailout of investment banks. Stephen is the alleged champion of free markets and was formerly with Club For Growth and was a federal budget policy director at the Cato Institute. His reasoning? Taxpayers must be made to subsidize an industry to avoid a "meltdown." Wrong! The meltdown, caused by the deflation of a Fed-created bubble, cannot be avoided. The bailout is merely transferring the costs to taxpayers.

Giving $700 billion (minimum) WITHOUT any oversight or ANY review to the man (Treasury secretary Henry Paulson) who got us into this mess in the first place? Especially to a man whose personal fortune of >$500 million dollars is tied up in exactly these same financial stocks? NO WAY! I will be contacting my local Congressperson & our Senators to make sure we know how this money is going to be used and that we (or at least Congress) has some say in it! I urge you all to do the same by contacting your Congresspersons.

http://www.visi.com/juan/congress/