Congress Has Sold Us Out to the Big Banks
Ronald Reagan said, “Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it”. Even before Bush’s Big Bank Bailout Bill was passed by Congress we were in the “subsidize it” phase of the cycle. We have been told by our “leaders” that more subsidizing through the bailout legislation is in the best interest of the millions of Americans in the middle class. It was done to preserve our savings accounts, education and retirement funds and to help small business in securing the necessary loans they need to survive. It was done to rescue us from economic calamity.
In fact, the $700 billion bailout (ignoring the pork and tax breaks which make the legislation worth more than $800 billion) will only do harm to the middle class.
Read the whole article at: http://lovesliberty.tripod.com/theviewfromabroad/
Kenn Jacobine teaches History and English for the American International School of Lusaka, Zambia.
Ronald Reagan said, “Government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it”. Even before Bush’s Big Bank Bailout Bill was passed by Congress we were in the “subsidize it” phase of the cycle. We have been told by our “leaders” that more subsidizing through the bailout legislation is in the best interest of the millions of Americans in the middle class. It was done to preserve our savings accounts, education and retirement funds and to help small business in securing the necessary loans they need to survive. It was done to rescue us from economic calamity.
In fact, the $700 billion bailout (ignoring the pork and tax breaks which make the legislation worth more than $800 billion) will only do harm to the middle class.
Read the whole article at: http://lovesliberty.tripod.com/theviewfromabroad/
Kenn Jacobine teaches History and English for the American International School of Lusaka, Zambia.
No comments:
Post a Comment