Wednesday, July 30, 2008

I Can Haz Desperation

Five days after the bill was passed by Congress, Bush signed it. The last free market plank in the 2004 Republican platform (pdf) just turned to jelly:

Fiscal Discipline and Government Reform

To make sure the private sector has the capital it needs to invest, grow the economy, and expand prosperity, our leaders must make sure that the growth of the federal government remains in check. The challenges America has faced over the last four years have created an unwelcome but manageable budget deficit. These deficits are due to a number of factors: the stock market downturn that began in 2000 and the subsequent recession that President Bush inherited when he took office; the terrorist attacks on America and the necessary spending for homeland security and the War on Terror those attacks precipitated; and the crisis in confidence produced by corporate scandals that were years in the making.
Instead, the Feds will decide who deserves to receive a bailout keep their house:
7/30/08 7:25 AM EST Tony Fratto, deputy assistant to the president and deputy press secretary, said in a statement: "We look forward to put in place new authorities to improve confidence and stability in markets and to provide better oversight for Fannie Mae and Freddie Mac. The Federal Housing Administration will begin to implement new policies intended to keep more deserving American families in their homes."

1 comment :

patient renter said...

to keep more deserving American families in their homes

And therein lies the problem. What is deserving? Who is most deserving? It's obvious that those questions pose serious problems for the current plan which is why we would be best served to recognize what the proper role of government is and is not.

From the Creed of Freedom:

The proper role of government is negative, not positive; defensive, not aggressive. It is to protect, not to provide; for if the state is granted the power to provide for some, it must also be able to take from others, and once that power is granted, there are those who will seek it for their advantage. It always leads to legalized plunder and loss of freedom.

...which is what we have today.