Life is a Mystery
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Bailout II

/ 03 October 2008

A friend just asked me “So, what do you think about the current “bail out package”? 400 pages? Tax cuts, earmarks.” I thought I’d share my answer just to go on the record.

The current plan is much better than the three pager. The three pager was downright scary in the amount of power it gave Treasury. Go back and actually read it. It said things like “no court review” and “without regard to prior federal law” and so on. It was a non-starter, actually a step toward dictatorship. And I really don’t think I’m exaggerating about that.

The current plan (minus the pork) is pretty much what we had on Monday. I think it is wrong and will not actually do much to help our current financial situation. I don’t think it addresses the root of the problem and I hate that it rewards those who got us into the mess. I think it is backwards, and I’ve written four letters in the last week to my congressfolk to try to get them to vote “no.” All of them voted “yes.”

Actually, I think the pork in the current plan is the best thing about it. The FDIC raise is not a bad move, the tax incentives seem to be (mostly) for the right thing, fixing the alternative minimum tax was a long time coming, and the Wellstone mental health parity was even longer coming. Most of that last 300 pages is probably decent, in my view, though I’m sure there is quite a bit of silliness in there as well.

It is the core of the plan I think is wrongheaded, will drag down our economy in further debt, and won’t solve the financial mess anyway. Then again, I’m the furthest thing from an expert you can find. I’m just flying by gut. My gut turns at this legislation.