Home » Congress » Why TARP, Bailout 2.0, and Stimulus is Doomed to Failure

Why TARP, Bailout 2.0, and Stimulus is Doomed to Failure

As hope rides into Washington on a white horse, what chance does hope-n-change have for success? Consider the words from long ago:

It will be of little avail to the people, that the laws are made by men of their own choice, if the laws be so voluminous that they cannot be read, or so incoherent that they cannot be understood; if they be repealed or revised before they are promulged, or undergo such incessant changes, that no man, who knows what the law is to-day, can guess, what it will be to-morrow. Law is defined to be a rule of action : but how can that be a rule, which is little known, and less fixed? (James Madison, The Federalist, page 350)

As Obama, Frank, Pelosi, Reid, et al, complain they had no idea the first TARP funds would be wasted, did they not take the time to read the bill they voted for? By their reactions, apparently not, as TARP was (is) a pork-fest of staggering proportions, and accomplished nothing.

As a revenue bill starting in the Senate (unconstitutional), switched to the auto companies against the language in the bill (in what way are they “financial” institutions), and then spent on pork (golf courses for UAW) — how does Obama/Frank/Pelosi dare feign indignation at it? They wrote it and voted for it. Oh well, we’re sure with the next $350 billion of taxpayer money they’ll do better.

And now Mr. Obama wants to up the ante — not just $750 billion for TARP, but trillions for “stimulus” to “save or create” 3 million jobs (note the weasel word “save” — a completely unquantifiable statistic. If the economy tanks, they’ll still claim to have “saved” 3 million jobs). Absurd.

The only stimulus coming is pork — as has been seen with TARP, Congress has no idea what they pass, and then are shocked — shocked! — when it works exactly like they wrote. As Michelle Malkin says, call it what it is, The Generational Theft Act of 2009 as Congress spends trillions on pork to be paid back in the future — how high will taxes go to pay for this pork-fest?

The economy has a hangover from the drunken spending of Congress; nothing can be done except to suffer through it. Think about it — what got the economy into this mess? Deficit spending and the forcing of (by Congress) easy credit given to people who they knew couldn’t pay. And how do our fearless leaders expect to save us from doom? Deficit spending and easy credit.

TARP was a pork-fest with no accountability — Congress wrote it that way, it worked that way. And Team RePO wants to double down with another trillion dollars (or more) of taxpayer money?

Yeah, great idea guys. Maybe this time read it before you vote for it.

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