Bailout Nation: The Triumph of Economic Liberal Values
As the U.S. government struggles to agree on a sweeping bailout plan that would send a lifeline to Wall Street, captains of other foundering industries are hoping their own distress signals will trigger a wider range of rescue efforts.
Automakers are about to get a huge loan on the cheap [$25,000,000,000.00] and they have a request in for more. Even home builders, the corporate beneficiaries of the easy-money era, feel they deserve a helping hand. Can the nation's hard-luck airlines be far behind? (Corporate America's widening bailout mindset).
So why is this a triumph for economic liberal values? (By economic liberal values, I mean interventionism, protectionism, etc., as opposed to social liberalism, where libertarians are in 100% agreement).
Donald Luskin explains it this way:
Why did more Democrats than Republicans vote for the bailout bill?
Big government boosters see the crisis as an opportunity.
Senator Bernie Sanders claimed, "This can bring about a turn toward a new era. If we have the money to bail out Wall Street, we can provide funding for health care, childhood poverty, infrastructure and sustainable energy."
Some observers say we may already be in such an era.
"The bailout is not setting a tone, it's the continuation of a tone that has been going on for some time," said Don Luskin, chief investment officer of Trend Macrolytics and a libertarian. "It is a trend toward the nanny state, an unwillingness to let individuals take the consequences for their bad decisions."
Big Government Conservatives and the Bush administration and the Democratic-lead Congress isn't finished yet — though at least the worst of the liberal pork-barrel spending, corporate equity grabs, and payoffs to unions and community organizers was stripped out of the original bill): see Who Voted Against The Bailout? Support Them!
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