A Jeffersonian In East Texas

Why the bank bailout sucks:

Let me see…

• I have to pay more tax money so that an inefficient government agency can give it to banks who will try to loan it back to me at inflated rates.

• It flies in the face of every solid economic principle in history.

• The original intention, although somewhat misguided, was to relieve the homeowners of some of the debt burden, and this has now been completely reversed.

• The banking bailouts have been of such a nature, that the federal government now owns a huge portion of the private banking industry. it is yet to be seen which one is the least efficient at operating them.

• The entire system is artificial to begin with, and now it is being propped up by more tax money.

There are hundreds of other reason this bailout sucks, so if you have some, feel free to post them in the comment section.

Several people I have talked to lately have been worried about the Barack Obama health care plan, and are worried that we may be headed toward socialized medicine. I share that concern. Socializing or nationalizing anything that should be handled in the private sector is troublesome to me on many levels.

The problem with these concerns is the quarter from which they emanate. Most of these folks are staunch Republicans, and I find that most of the Republicans moral authority on such issues evaporated when the House, Senate, and the Republican president chose to effectively nationalize the nations failing banking system.

The banking bailout is the biggest taxpayer rip off in recent memory, maybe ever. Every ounce of moral authority on almost any issue has been drained from both parties. The standard two party system is in shambles, and it is time for a different, more Jeffersonian look a the the political system.