Posted on 01/05/2009 6:05:01 PM PST by jazusamo
Two centuries ago, when there were plans to create a huge fund of money to pay off Britain's national debt, the great classical economist David Ricardo objected on grounds that— no matter what the money was said to be for— politicians could spend it for whatever they wanted.
Two centuries later, we have not yet caught up to that plain reality, even though the $700 billion that was supposed to be used to rescue financial institutions has already begun to be spent on other things.
Regardless of what President Bush or Secretary of the Treasury Paulson may have had in mind when they promoted this huge bailout package, with all due respect to these gentlemen what they had in mind will not matter in the slightest after January 20th.
All that money is just a gift to the Democrats to spend in whatever ways will advance the interests of their constituents and of the Democratic Party.
It was not just a gift of money— huge though that is— it is also a gift of exemption from Republican criticism, even for the bailout of General Motors, which President Bush began, even when Congress refused to give GM the money without preconditions. It is a political get-out-of-jail-free card that can cover whatever disasters the Democrats create on their own in the years ahead.
(Excerpt) Read more at jewishworldreview.com ...
Sowell suggests that the bailouts are a mistake because the democrats will grab the money and twist it for their own good. Then they’ll blame the republicans for their disasters. For once, I disagree with him. They’ll do that anyway.
Can't transfer something that previously didn't exist.
Truer words have never been spoken! (by the way, are you Dr.Sowell, or a relative? :) )
Just a big fan. I won't say "disciple" because that would be blasphemous...
I AM going to design my homeschooling economics courses around his material.
greatest THEFT of wealth
Do you mean, for example, "you can't hold title to a mirage?"
lol... Yeah, that'll work
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