What's Wrong With This 'Bailout' Bill?

This bill had a lot of bi-partisan support. It also had a significant number of bi-partisan non-support. Just not enough to defeat it. My representative, Rep. Jeff Miller (R-FL) voted NO on both opportunities, last Monday and yesterday, when the bill was fast-tracked to the President’s desk, who signed it into law. Miller has proven to me that he is the kind of Republican, a real conservative, that we need more of in Congress. So kudos to him. Sen. Bill Nelson (D-FL) also voted NO on the senate version. Good for him. Then there is Sen. Mel Martinez (R-FL) and former head of the RNC. Martinez voted for it. No surprise there. Regarding this bill, I have two objections to it.

1) It is unconstitutional based solely on the preamble of it:

We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish this Constitution for the United States of America.

Promote the general welfare does not mean insure the general welfare, and, there is no liberty when it is usurped by the government.

2) By its actions, the bill totally socializes the financial industry of the country. Whether, like Bush says, the bill will save us from a financial crisis is besides the point. The right solution would be one that does not socialize the entire economy and still solves the problem.

That we are supposed to have confidence, that the same people that created this problem can fix it in a matter of a week, if I may quote a famous politician, ‘requires a suspension of disbelief.’ Congress, President Bush, and Secretary Paulson have behaved more like used car salesmen than statesmen. No disrespect to used car salesmen.

I don’t have a solution. I’m not that smart. But I do know that going the socialist route is not the correct route. Manipulating the market made the problem. Now, manipulating the market and putting taxpayers on the hook is supposed to fix it? I don’t think so. The answer lies somewhere in letting some companies fail and/or reorganize and/or renegotiate their currently worthless paper, and not allow mortgages to be ’securitized.’

What do you think?