Wednesday, October 1, 2008

"The Senate at Its Finest"

Jeff Tucker comments on the Senate's passage of the bailout bill, which only passed after a whole bunch of pork was added (perhaps Stefan Molyneux is right and the only reason the House didn't pass it was because the thugs didn't think enough was coming their way):

The Senate at its finest.

That's the claim that these guys are making after having passed what is surely the most ghastly piece of legislation since I don't know when. One after another of these Senators is stepping forwarding the mic to declare just wonderful, how courageous, how inspiring it has been to pillage $700 billion from American taxpayers to give it to failed but powerful market players, against the overwhelming opposition of the public and in defiance of every principle of economic logic. Some held out but changed their votes when the legislation was made ever worse with each additional inclusion of pork, control, and moral hazard. Such a hard, indeed, Senatorial, thing to do!

When it doesn't "work," and when we enter into a period of prolonged stagnation, who will look back on this day in the Senate and at all the Fed's "stabilization" attempts, and say: it's because of the interventions? On the contrary, we'll hear that they didn't go far enough, because, as we know, these people, who got us into this mess, are infallible. Only the market fails.

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