Principled conservatives are a little shaky about the Bush plan to secure the rapidly inflaming American economy--what a good thing to know there are still some principled people in general that grace the halls of Congress.. Bush is basically asking for a $700 billion *with a b* bailout of worthless mortgages and other bad debt by financials institutions on the rocks.. The essence of the Bush plan asks for a lot more powers for the Administration .. Congress now has to vote on whether they want to give Bush the new duties. New duties that include purchasing bad mortgage backed securities.. Bush is following a few other leaders that did some similar acts in response to dramatic economic times: Reconstruction Finance Corporation occurred during the Roosevelt Administration in 1932, in the midst of the Great Depression..Roosevelt gave money to banks and others to try to spur economic growth.. And in the late 80s, the Resolution Trust Corporation was set up to take on the savings and loan crisis. The Corp took over defaulted mortgages, foreclosed real estate and other assets of nearly a thousand failed savings and loans. While there may be precedent, and some bi-partisan support for the Bush plan in Congress, a few conservatives are speaking out against the huge government measures. One even said this is the death of the free market! Senator Jim Bunning commented, "The free market for all intents and purposes is dead in America." Senator Jim DeMint spoke out: "What we need now is not what could be nearly a trillion dollars in new taxpayer bailouts, but pro-growth policies that allow our markets to correct and start growing again." Conservative columnist Michelle Malkin wrote of the Bush actions: "the mother of all bailouts" and declared "the death of fiscal conservatism.".. And finally, Schmuckraker's long time hero Ron Paul speaking out about the bailouts (And he is set to ask some good tough questions of Chairman Bernanke next week) saying that this will not be the last time the government steps in to bail out business ..Ron Paul told US NEWS & WORLD REPORT, "It's more of the same. More debt and more inflation and more pressure on the dollar. Ultimately, although the markets are responding very favorably at the moment, I think it is going to be devastating to the dollar and to our financial situation in this country." And on bailout out the auto industry (which is lining up with destitute hands out to be the next industry saved), Ron Paul said: "Oh I think so. We are not going to let them fail. Our policy is such that everybody gets bailed out. It's like a drug addict, they've got to take their fix. It's too tough getting off these drugs. And the drug here is easy credit." Ron Paul has no chance on being president. Obama and McCain do..

Labels: bailouts, Banks, Campaign 2008, Economy, Election, Politics, recession, Ron Paul