More Bailout-O-Rama

 Posted by on 1 October 2008 at 6:51 am  Activism, Economics, Finance, Politics
Oct 012008

The Senate has a new $700 billion bailout plan that they’re voting on today:

Top lawmakers said the Senate proposal, worked out after a day of behind the scenes maneuvering, would include tax breaks for businesses and alternative energy and higher government insurance for bank deposits.

We do need to speak up against this new bailout plan. The market crash after the defeat of the bill in the House caused some to think that a bailout would be a good idea:

Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate banking committee, said the Senate decided to move quickly, citing signs of regret from some House members after the markets plunged in response to their initial vote.

“I think their will is coming back having heard from their constituents,” Mr. Dodd said.

Lawmakers said the stock market response to the rejection was a sobering experience that could enhance prospects for a revised plan. Some anxiety lifted on Tuesday, as the Dow Jones industrial average rose 485 points, regaining more than half of the 778 points it lost on Monday.

On the morning after the sell-off on Wall Street, Congressional offices reported a shift in angry calls from constituents, with some now demanding that lawmakers take some corrective action — a distinct change from the outpouring of public opposition that contributed to the defeat of the plan.

“I started hearing from a lot of people who lost money on their investments thanks to the big drop on Wall Street yesterday,” said Representative Steven C. LaTourette, Republican of Ohio, who voted against the plan.

So even if you already wrote or called your Senators, contact them again to tell them that you still oppose the bailout.

Also, the Ayn Rand Center has created a page of great resources on the bailout:

Feel free to make good use of it in your activism on this issue — not only by informing yourself but also by posting the link in comments on news articles, forwarding it to friends, including it in e-mails to representatives, and so on. Here’s ARC’s announcement:

The Ayn Rand Center Responds to the Financial Crisis
September 30, 2008

Americans are now facing an historic economic crisis. What was the cause? What is the cure? How do we prevent it from happening again?

While pundits and politicians blame the current housing and financial crisis on “greedy” businessmen and lax regulators, and are frantically urging the government to expand its control over our economic lives, the Ayn Rand Center for Individual Rights has launched a new Web page to defend a different view–that the actual cause of the crisis is government intervention, and the only cure, laissez-faire capitalism.

We invite you to check out our collection of essays, op-eds, lectures, and interviews arguing for a rational approach to this crisis–an approach you will not find anywhere else.

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