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Monday, October 06, 2008

Overoptimism is a killer

From Drudge this morning:
Bush: 'It's going to take awhile'...
Pope says world financial system is 'built on sand'...
Dow Plunges 550 Points; off lows...
STAMPEDE AT NBC: Jim Cramer warns investments could lose 20% of value...
FLOOD AT FED: Doubles Cash Sales to $900 Billion...
London suffers sharpest fall since '87...

President Bush said that "It's going to take a while..."

Many who know me know that I'm active in a number of 2nd Amendment organizations.
As I heard people cautioning about setting our expectations TOO high regarding the bailout (now gently renamed "an economic rescue package") I'm reminded of a bill that passed in the 1990's called "The Brady Handgun Violence Prevention Act" aka "The Assault Weapons Ban" that did nothing to prevent handgun violence. I remember a newsclip that was recorded literally moments after the bill passed the Senate. There was Senator Bob Dole, on the floor of the Senate, again, just moments after the bill passed, telling us not to expect too much from the just passed bill. That it was not a panacea. The deed was done and the excuses were already flowing from the mouth of the man, one Senator Bob Dole, who could have stopped it square in its tracks (scroll down to "The Brady Bill Passes" and see how Senator Bob Dole, with two words or one hand signal, could have prevented this awful bill from becoming law).
So now, this weekend and this morning, we see how the politicians who have strapped us with trillions of dollars of debt and risk are now telling us not to expect TOO much from their misdeeds.
There were no hearings on this bill. There were no considerations for any alternatives (eliminate capital gains, taxes on dividends, zero out corporate taxes all of which would have involved private capital fro America and around the world. Sir John Templeton once said that if Congress eliminated the capital gains tax, there would be such a rush of money into the capital markets it would be breathtaking). But alas, no hearings. Nothing. Your money only was at risk.
My advice on politician who voted for this: Sweep them all out office. Every last one.


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