Then the administration suggested a new $40 billion homeowners program. The federal government is going to start guaranteeing individual mortgages. A lender who makes a bad loan will be assured of repayment so long as he cuts the interest rate or principal. A homeowner who should never have bought the house will get bailed-out by responsible homeowners and renters.
But the administration isn’t finished. On Friday, October 24, the Treasury Department announced that it was going to buy ownership stakes in major insurance companies. After all, the insurers are in trouble too. So The Hartford, MetLife, and Prudential already are in line for a government hand-out.
Now the Financial Services Roundtable has asked the Treasury Department to buy into securities dealers, auto manufacturers, and even U.S. subsidiaries of foreign companies. After all, they “play a vital role in the U.S. economy,” explained the Roundtable. By that criterion, what industry or company doesn’t qualify for a bail-out?
Is Sen. Obama “socialist?” Yes, he wants to “spread the wealth,” as he puts it. But that’s what the Republicans have been doing for the last eight years. We already have "big government," "socialism," or whatever else you want to call it—and it was Republicans who gave it to us.
Even if he was elected, Sen. McCain would continue to this drive to bigger and bigger government: He has proposed that the federal government spend $300 billion to buy every bad mortgage in America. But, he isn’t going to win.
The real alternative this election is Bob Barr and the Libertarian Party. Only a vote for Bob Barr will tell Washington that there are Americans who don’t want socialism, whether from the Democrats or the Republicans. Only Bob Barr represents real change in Washington. |