Monday, September 29, 2008

Mike Pence Ignores Iceberg and Will Vote Against Bailout

Give our Congressman Mike Pence credit for sticking to his ideology: Pence issues statement to GOP colleagues on rejecting bailout plan.

Everyone but Pence and his gang agree that there is a major problem in the financial sector of our economy. Everyone but Pence and his gang agree that doing nothing will cause harm to those who never set foot on Wall Street or bought a stock.

Which makes me imagine Congressman Pence as being on the Titanic. Having heard that the iceberg has ripped open the ship, he ignores the call to go to the lifeboats thinking he can swim to shore. Which would not be so bad, but he wants to keep everyone else from those lifeboats, too.

Theories have a place. They give us a push to experiment. However, theorists who do not change their theories to fit the facts do not have a place in government. The best word I can think of for these types is cranks. The worst description? Dangerous lunatics.

The farmers and small businesses of my area need credit. Without the bailout, they will not have credit.

We all should take pause at what we are undertaking with this bailout. That much is true. That we are altering capitalism in this country is also true. That inaction spells a greater harm to our economic system, to the world's economic system is also true.

For a more conservative criticism of Pence, take a look at The bailout and conservative principles: Too many to fail from Professor Stephen Bainbridge:
What so-called conservatives like Malkin forget is that right-wingers have an ideology, but true conservatives have principles...

***
In sum, there are some principles worth fighting and dying for. But the “freedom to fail” damn sure isn’t one of them. I’m as much a limited government guy as the next fellow, but let’s not pretend that we live in some libertarian utopia in which the state has no role in the market. As Edmund Burke once observed, albeit in a radically different context, there is “a limit at which forbearance ceases to be a virtue.” At that limit, the state properly steps in. When the risk of the entire economy going down the tubes is as high as it is at the moment, preservation of ordered liberty requires state intervention.
I am also struck by an absence in the plan which goes unmentioned by Pence (and others) - what is our exit strategy? Every business plan should have a provision for getting the investor out. Time for us to sort out that detail but its absence from Pence's statement is important. It strikes me even harder that his protests are nothing but a foolish consistency for which we would still pick up the tab. We need to replace him with someone with a better mind. Vote for Barry Welch.

Meanwhile, more writing on the bailout:

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