Posted by
Always To The Right on Saturday, March 07, 2009 2:22:38 PM
In times like these, what's another $500 billion between friends? Or
so it seems. The administration seeks another bailout, this one for the
FDIC, and warns of peril otherwise. Where will it end?
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After a string of federal spending packages, the American Institute
for Economic Research now estimates new federal bailout and spending
commitments at $8 trillion. The list includes bank bailouts, auto
bailouts, Freddie Mac and Fannie Mae cleanups, the Term Asset-Backed
Securities Loan Facility and other "rescues" of troubled sectors.
It doesn't even include a "stimulus plan" filled to the gills with
earmarks for such can't-do-without projects as a mob museum in Las
Vegas. No project, it seems, is too small for a bailout or an earmark.
All of it extends the hand of government across the economy.
The economy can recover on its own, and there are signs it's doing just
that. Cost-cutting, debt-repayment and productivity gains all restore
the economy without government help.