Glenn Beck on the Bailout
Glenn Beck wrote a great piece on the bailout. I agree that something should be done, just not the proposed bailout. Here’s the impending consequences:
So now that we’re here, what do we do? I am massively conflicted about this bailout program. The idea of government stepping in to bail out international banks that were reckless with their own business literally makes my stomach churn. We are privatizing gains and socializing losses.
As George Will wrote this week: “Treasury Secretary Paulson, asked about conservative complaints that his rescue program amounts to socialism, said, essentially: This is not socialism, this is necessary. That non sequitur might be politically necessary, but remember that government control of capital is government control of capitalism.”
Unfortunately, he’s right. In fact, it would have to take an absolute disaster to make me even consider supporting something like this. Welcome to that absolute disaster.
and
While it took the people in power far too long to recognize it, they are now understanding the same sad truth. This bailout plan is not a good idea — it’s an absolutely terrible idea. It’s just the only idea we have left.
Our financial system is like a 747 flying around with all four of our engines on fire. The bailout effort will not stop us from landing hard, but without it, we may simply drop out of the sky.
What Congress is attempting is a last-second search for an open field to land this plane with as little damage as possible. With that in mind, I think some kind of action may be a necessary evil, but we must be very, very careful.
Action for the sake of action, much like change for the sake of change, doesn’t solve problems. It usually inflames them. And what’s worse is that it creates brand-new catastrophes we haven’t even considered yet. Wall Street and Congress have been playing with fire, and now it’s Main Street that’s beginning to sweat.