A Victory for Freedom

Yesterday, as I’m sure you heard, the House defeated the $700 billion bailout. Although the stock market suffered quite a hit, I think we will recover in time. That seems to be the trend. Some days we go up and some days we go down. Admittedly, every now and then the bumpy nature of the ride with huge rises and falls can send people scrambling to the sidelines, but, I believe as long as we trust the free market, we will continue to prosper in the long run. Unfortunately, not everyone shares this viewpoint. They wring their hands and clamor for a short-term fix. Why is it these days that whenever a problem emerges, so many people run to the federal government looking for solutions? Even more depressing is the fact that so many politicians are chomping at the bit to usurp more power at the expense of the free market, liberty, and the Constitution. Congress and the President call for more oversight of the financial markets, but then the greater question is, who reigns in the government? Do we allow this watchdog to roam free, tearing up someone else’s property and rooting around where he doesn’t belong, all in the wistful hope of financial security? As you can rarely trust the government to stay within it’s proscribed powers, the job has fallen primarily to the people themselves and too many of us have fallen down on our responsibility. As you know, I, for one, will not remain quiet. Looking over the list of members of the House of Representatives, let us see who voted correctly. For Virginia, my Congressman, Bob Goodlatte voted no. So did the 5th’s Virgil Goode, the 2nd’s Thelma Drake, the 1st’s Rob Wittman, the 4th’s Randy Forbes, and even the 3rd’s Democrat Robert Scott. In support of the unconstitutional measure were Democrats Moran and Boucher (no surprise there), but also Republicans Cantor, Wolf, and Davis. If you happen to live in 7th, 8th, 9th, 10th, or 11th districts and disagree with your Congressman’s position, I strongly encourage you to hold your Congressman’s feet to the fire and call him today. For your convenience, Eric Cantor’s number is 202-225-2815, James Moran is 202-225-4376, Rick Boucher is 202-225-3861, Frank Wolf is 202-225-5136, and Tom Davis is 202-225-1492. I warn you that if we do not hold them accountable, they will try again.

We must stand strong. Sure we have financial troubles today, but the only viable solutions lie in our free economy, not a soviet style bailout. No amount of wealth is worth enslaving our future to the federal government. Think that the government is responsible with our money? Just look at the deficit and the failure of social security. As I write these closing words, I think back to a quote from Ben Franklin. Although twisted slightly, I’m sure that he would agree, “Those who give up liberty for a little temporary financial security deserve neither and will lose both.”

4 Replies to “A Victory for Freedom”

  1. Out of curiosity, if the free market were ever to fail, how would we know it if we held in the mentality of this post? If any bad times just need to be ‘ridden out’ and people who suggest otherwise are called incorrect, ‘soviet-style’, unconstitutional, or watchdogs, would we even be able to see failure if it did occur? If all we can do is soldier on, belittle those who try to say otherwise, and offer no substantive response other than ‘walk it off’, could we deal with a problem if it occurred? Or will our only response to catastrophic failure be “Whoops!” as the world melts down around us?

    I’m not fully in favor of a buyout, but I do find the gut reaction and negativity expressed in this post alarming. If people in the ‘free market’ react like this and refuse to even consider alternatives, I think the probability of a failure is actually greater. Maybe the Virginia Conservative wants us to stay divided so that we succeed, but in a free market an item is only worth what someone is willing to pay for it – and in the case of this rhetoric, I’m not buying at any price.

  2. Good to have you join the conversation again Mike D. I suppose that as an ardent supporter of laissez-faire capitalism I relish the true joy of economic liberty. Although my goal was certainly not to offend you or anyone else, I confess that I find supporting any government interference in the economy except what is absolutely necessary is incomprehensible. Should our freedom not encompass economic freedom as well? It is correct that the true value of an item is a notion that comes from the seller and the buyer rather than the labor theory of value. Should a good or service be of value to humanity, I believe that someone somewhere is willing to pay for it. If no one will pay for it, then the good or service is not sufficiently worthwhile. For example, I would love to spend my days writing on subjects such as this one, but if I cannot make a profit in doing so, it becomes recreation rather than a means of survival. Ayn Rand wrote a fantastic piece on the subject called Capitalism: The Unknown Ideal and if you would care to read it, you can borrow my copy.

    Thank you for your thoughts.

  3. I’ll throw in my two cents so that all two of you keeping up here can get something else to read. Several points:

    1) This happened not because the free market is failing but because government has stuck it’s nose into the market too many times and it’s finally suffering.

    2) I don’t *like* the idea of the government stepping into the markets again to fix it. Nevertheless, it may indeed be necessary for some sort of interference too fix the problem that they themselves created.

    3) I don’t think that the $700 billion bailout as it’s been proposed is the best answer. I’m not an economist so I’m not certain that riding it out is the best choice, nor am I certain that a bailout is the best choice. Also, economists seem to be split on this issue anyways.

    4) There are other ways that the government can go about trying to fix this other than simply buying up all the toxic assets with taxpayer money.

    Normally I would be completely against the government getting involved in the free market like this since I don’t think they have the right to do so. Yet, as they were at the root of this problem I think it might be necessary for them to get us out. My main concern is that if any sort of “bail out” happens, there will be too many strings attached and the government will end up even more involved than before. If that’s the case then I say ride it out. If not, if we can actually get a *reasonable* bailout proposed without new regulations tacked on then I’m for it.

    Oh and also… the Redskins and Giants are both terrible and their Superbowl chances are nonexistent.

  4. The bailout itself is full of problems, but the government has an obligation to fix its problems. This economic down slide was caused by government interference in lending in the first place. I’m all for keeping the government’s hands out of the free market system, but when they make a mistake they need to fess up and fix it. If you ask a lender why these loans were given to people who they felt couldn’t repay them, they will tell you the government would have had a fine or jail time waiting if they did not because of some legislation. That type of regulation is not needed what-so-ever. The government has tried to make sure everyone has a fair shot at the same things, the problem is some people work for what they have, others don’t. Some people take proper care of their finances and others don’t. The lenders should have decided on who to give, or not to give, loans to. When it comes down to it, am I for the bailout? No, but I am for the government fixing the problems they created.

Leave a Reply

Your email address will not be published. Required fields are marked *