A Little More Bacon Makes the Medicine Go Down

Unfortunately, the professional politicians of the Senate, including Sens. and presidential candidates Obama and McCain, voted in favor of a revised version of the bailout. Now, with some tax breaks and other pork barrel spending to enhance the bill's chances to pass through the House, and of course extra flavor. This delicious bacon costs an addition $100 billion, which is far more than I would ever pay for it, no matter how delicious it is. In addition, there are other sections that have been added to the bill, and you don't need to worry anymore about your children's wooden arrows being taxed at an exorbitant rate. One may argue that it passed through the Senate because only a portion of its members have to worry about re-election, which may or may not be the true reason. However, if one feels that this bill is overtly socialist, consider the opposition of Sen. Bernie Sanders, a self-described socialist, who describes the bailout as unfair.

Also, I would like to see the opinion polls that Americans are more confused than opposed to the bill. I'm sure Mike Shedlock would have something to say about that, in between falling asleep at his computer, leading the charge against this horrible piece of legislation.

For those who need this explained, one has the choice of either the illustrious Dr. Ron Paul's Campaign for Liberty, or if you need to have it put into perspective with examples, this Opinion piece by Jonathan Weil is a must-read.

I wish that I could believe that this bailout is just an inefficient piece of legislation written in a system that didn't suffer from the systemic failings that went through Sweden's financial system in the 90's. But, even with, or should I say despite, the benefit of the experience of Sweden's former Finance Minister, the legislation is going forward in the worst way possible. When these banks are able to price these horrible pieces of financial wizardry that are currently befuddling their balance sheets at a price dictated by a former head of Goldman Sachs, the economic crisis will continue unabated, as the underlying fundmental economic problems remain. People will still be losing their jobs and inflation will be destroying the purchasing power of the dollars that are still being earned by those fortunate enough to have employment. This is a very dangerous game, with even more money being wasted on tax breaks that aren't substantiated in any significant way.