Wednesday, October 01, 2008
Bailout defeat is victory for capitilism
The failure of the bailout to pass the House was a great victory for capitilism. Like many governmental power plays over history, it comes during a "crisis" (one the government created by encouraging lending to poor boorisers). The government claims that it alone can fix the issue by intervening, yet again, in the private sector. But instead of yielding to the inevitable tide of socialism, the previously gutless GOP discovered a spine and voted No. Sure the market tanked. It was artificially high from the government intervention, so a correction was needed. When prices get too high, demand subsides and balance is restored. This is a Good thing. Keep Washington out of the market and we'll fix it ourselves. It'll hurt in the short run, but it's better then the long road down to a socialist state.