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Source link: http://archive.mises.org/8668/the-senate-at-its-finest/

The Senate at Its Finest

October 1, 2008 by

That’s the claim that these guys are making after having passed what is surely the most ghastly piece of legislation since I don’t know when. One after another of these Senators is stepping forwarding the mic to declare just wonderful, how courageous, how inspiring it has been to pillage $700 billion from American taxpayers to give it to failed but powerful market players, against the overwhelming opposition of the public and in defiance of every principle of economic logic. Some held out but changed their votes when the legislation was made ever worse with each additional inclusion of pork, control, and moral hazard. Such a hard, indeed, Senatorial, thing to do!

When it doesn’t “work,” and when we enter into a period of prolonged stagnation, who will look back on this day in the Senate and at all the Fed’s “stabilization” attempts, and say: it’s because of the interventions? On the contrary, we’ll hear that they didn’t go far enough, because, as we know, these people, who got us into this mess, are infallible. Only the market fails.

{ 9 comments }

John October 1, 2008 at 9:54 pm

This quote from Senator Judd Gregg (R-NH) was particularly astute, but not for the reasons he intended:

“This is the way government’s supposed to work, folks, and it did.”

Edmund October 1, 2008 at 10:09 pm

I can’t believe that they actually tacked this thing onto “The Paul Wellstone Mental Health and Addiction Equity Act of 2007.” Coming as it does from a bunch of credit and fiat-money junkies who have to be insane to think they’ll actually get re-elected after having voted for this, the irony is overpowering.

Todd October 2, 2008 at 5:24 am

Edmund, you can’t beleive they tacked on more spending? This turkey went from 8 pages to 110 pages to the full Senate version of 415 pages. I am furious, but I beleive every bit of it. This is what our government does. It is corrupt to the core.

Curt Howland October 2, 2008 at 7:31 am

Wow. Both New Hampshire senators voted in favor. The Free State Project is going to have a field day on that one.

I wrote “my” senators, one pro one anti, and I found it interesting that I couldn’t keep a civil keyboard to the one that voted for it. Are Anglo-Saxon expletives considered threats by the Federalies? I guess I’ll find out.

Oh well, it’s not like I’m not on lots of government “likely subversive” lists already. What’s one more?

Ralph Fucetola JD October 2, 2008 at 8:30 am

“Post an intelligent and civil comment”

I’ll try:

Results of the Senate vote:

1. “Hyperinflation and repudiation.”

2. And perhaps 75 senators hanging from various lamp posts around the Capitol.

[Well, I tried to be civil...]

Friedrich October 2, 2008 at 8:30 am

I wrote about that in my blog, up and down. It’s shame that there only idea about too much money in the market is put another 700 Billion extra into it. It does no-one well, as you can see the day after the F(B)ailout failed the markets lost one Trillions, the next days they gained around 500 Billion. So what will happen to the 700 Billion? They will go down the drain without much pain. If you suddenly happen to have 700 Billons around maybe it would a good time on invest them instead or burning them to ashes.

I hope the voter will remember that both candidates voted for this Failout, and have not come up with anything sound themselves….

Regards
Friedrich

Ron October 2, 2008 at 9:17 am

My favorite (not!) Senator, the (dis)Honorable Barbara Mikulski, actually said in an interview that she had received thousands of emails and phone calls about the bailout. She said the tally came to 25:1 against the bill. In the very next sentence she said she was going to follow the wishes of her constituency and vote for the bailout! WTF?!

Rob October 2, 2008 at 9:39 am

Ron: That would be because the Senators constituency she was referring to are the lobbyist and bankers from Wall street. – She wasn’t actually referring to the people who have to pay the bill, live with results of her action of vote to choose the next criminal to fill her spot.

Bruce Koerber October 2, 2008 at 3:53 pm

There is a new designation for the Senators and House members that vote in favor of the bailout – Constitutional traitors.

When writing or speaking about the goings on in Congress a distinction should be made between those who committed this specific act of theft and those who did not. This label should never leave its association with those who voted for the bailout.

It can be used as a preface when speaking in general about what is going on in Congress, and it can be used as a preface when speaking specifically about an individual member of Congress.

This is their distinction, their claim to infamy, their unpardonable act. Don’t let them separate themselves from their shameful act. Make sure that it is the tarnish of their name directly attributed to their act of Constitutional treason.

For example, ‘Today we heard from Senator XYZ, one of the Constitutional traitors in October 2008, . . .’

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