$700 Billion Bailout: Utah's Congressional Delegation is Up a Creek Without a Clue

Yesterday, each member of the Utah Congressional delegation told the Deseret News that they would have to wait and see whether the $700 billion bailout is good for the people of America. The scheme is clearly not good for the United States in the long term--let's just get that out of the way once and for all. For those without conflicts of interest under the current circumstances, it doesn't take long to determine that it's not good for the short term either.

When foxes that are guarding the henhouse are given the additional task of delivering the eggs, the eggs invariably get delivered to the wrong place.

How can any bailout solution possibly be

While we ride out the greatest economic turbulence since the Great Depression, Americans will have a good long opportunity to contemplate just where obeisance to the faux capitalism of the modern-day Robber Gadiantons has gotten us. Maybe those reflections will help us overcome the addiction of electing members of the Gadianton board of directors to Congress and the Imperial Presidency.

good for the general welfare of the American people when any bailout solution will be administered by the people who caused the problem allegedly requiring the bailout in the first place.

President Bush made a weak, weak case to the American people last night that we need to hurry and get this bailout package through Congress so that he can sign it. David McAlvany calls Bush's pressure tactics "the tyranny of urgency". This 'fix' is not urgent. But Utah's congressional delegation is seeing it that way.

In yesterday's Deseret News, every member of the Utah Congressional delegation demonstrated his cowardice in the face of establishment pressure by having NOT clearly expressed his opposition to a bailout package that will undoubtedly be dispensed by the greedy in government to their greedy friends in the financial sector, regardless

Congress needs to develop a backbone and tell the money changers that they'll have no part of this further fleecing of the American public. Otherwise, the irrelevance of Congress will be essentially complete.

of paeans to protection against golden parachutes.

Of Utah's five August leaders, outgoing Congressman Chris Cannon put the smallest foot in his mouth:

We need a solution to this problem, but it would be a huge mistake to craft this legislation in some backroom. The American people deserve to know what's going on...

Ron Paul, a man of growing prominence in America (in part because he is now safely out of the running for President) said recently that the market will always ultimately win out over the planners. He's right, because in every instance of economic failure in the past 100 years, including the Soviet meltdown and the emergence and spread of the US bailout virus, it is the fault of the planners for the failure. Cannon would have been better off to have said "We need a solution to this problem, and the solution is to let the planners fail and the market make its natural correction."

Senator Robert Bennett, of Fannie Mae/Freddie Mac fame, further indicated his inability to grasp the problem when he said

I agree with the need for action, because a meltdown on Wall Street would have huge repercussions on Main Street and our broader economy for years.

This is the same man who said last week that the worst was already over and that our economy would be robust in less than a year. He needs to be fired.

Similarly, Orrin Hatch has overstayed his electoral welcome in Washington, having become more enamored of the establishment than the people who voted for him. He said

Before committing my vote to the plan...I need to become satisfied that this is the best alternative...to prevent taxpayer funds from being wasted.

Note to Senator Hatch: This taxpayer used to pride himself on the 'fact' that he was out of debt. It's hard, in good conscience, however, to make this claim anymore when just this one bailout scheme will put my family of 7 further into debt by a minimum of $17,500. For being convinced before the fact that stealing more of my money is not causing "taxpayer funds [to be] wasted.", you have and deserve my profound disrespect.

An overwhelming majority of Americans oppose further taxation

Note to Senator Hatch: For being convinced before the fact that stealing more of my money is not causing "taxpayer funds [to be] wasted.", you have and deserve my profound disrespect.

to cover the sins of the few. Plan B, then, is to include credit card debts, student loans, and even car loans in the already sour pot; it is a shift of the propaganda machine into overdrive in an effort to increase the popularity of a still sinister scheme.

From the simple perspective that those who will dispense the bailout money cannot be trusted to dispense it fairly, Congress must oppose the plan. Then, while we ride out the greatest economic turbulence since the Great Depression, Americans will have a good long opportunity to contemplate just where obeisance to the faux capitalism of the modern-day Robber Baron Gadiantons has gotten us. Maybe those reflections will help us overcome the addiction of electing members of the Gadianton board of directors to Congress and the Imperial Presidency.

Integrity in government is a necessity that is far more urgent than any bailout. Congress needs to develop a backbone and tell the money changers that they'll have no part of this further fleecing of the American public. Otherwise, the irrelevance of Congress will be essentially complete.