Saturday, 4 October 2008
Black Friday
Friday was a horrifying day if you are a believer in free markets and capitalism. Congress passed a bill and Bush signed a bill that effectively socializes the mortgage industry. A move that wasn't even needed. Did we not learn anything from Japan's attempt to socialize their mortgage industry? It took them 10 years to recover. Hopefully it won't take as long for us, but I am a bit dismayed. I wonder what other "bailouts" are going to be necessary moving forward.
It was embarrassing watching our delegation to Washington split 4-4. They should have vote 8-0 against. Oh well, nothing we can do about it now. All we can do is look at potential political fallout from the votes.
Personally, I think this is a perfect opportunity for Northup to take Yarmuth! to task and shove all of his populistic crap back down his throat. Not only did Yarmuth! turn his back on his "principles", but he did it on the "hardest" vote he ever cast.
On top of his hypocrisy, he doesn't even understand the root cause of the problem.
While the bill may avert immediate catastrophe, we still have a lot of work to do. I pledge to continue to put the working people of Louisville first, and to put an end to the deregulation that got us to this point of national emergency.
He is either lying or is too ignorant to understand basic economics.
This problem was not a failure of deregulation. It was a failure of LIBERAL POLICY. It was the stupid policy of liberals seeking to put people in homes they could not afford. This attempt to interfere with the market artificially inflated housing prices leading to the housing bubble. And when the "good intentions" failed and the bubble popped, it brought the credit industry to its knees. What we don't need is more regulation and government interference in the markets. All they do is distort the market and create more unintended consequences.
If I were Northup's team, I would hammer Yarmuth! all day long for his hypocrisy and failure to grasp these simple economic concepts.
