The Home Front

Sen. Jim Bunning: RIP Free Market

By

September 19, 2008 RSS Feed Print
  • Comment (6)

Related Articles

Former big league pitcher—and current Republican senator from Kentucky—Jim Bunning was dishing out the high hard stuff Friday in response to the government's handling of the financial crisis.

From a statement:

"Instead of celebrating the Fourth of July next year Americans will be celebrating Bastille Day; the free market for all intents and purposes is dead in America," said Bunning. "The action proposed today by the Treasury Department will take away the free market and institute socialism in America. The American taxpayer has been mislead throughout this economic crisis. The government on all fronts has failed the American people miserably.

"My great grandchildren will be saddled with the estimated $1 trillion debt left in the wake of this proposal. We have gotten to this point because nobody has been minding the store. Both Secretary Paulson and Chairman Bernanke should be held accountable for their inaction—and now because of that inaction—the American taxpayer is left with bill."

Tags:
Jim Bunning,
Wall Street,
government intervention

Reader Comments Read all comments (6)

Add Your Thoughts
Your comment will be posted immediately, unless it is spam or contains profanity. For more information, please see our Comments FAQ.

A bailout rewards illicit and illegal behavior. Many (if not most) of these people who bought homes lied on their paperwork. I believe the "charge" is bank fraud. Some had the smarts to use UPS and Fedex to mail their documents. However, if not, there are additional charges of mail fraud. This applies not only to homeowners, but to mortgage "brokers" and banks as well. We should take $100 billion and build a giant prison and send them all their to do their time.

During the time when most everyone seemed to be living high off the hog, I did not buy a house because I couldn't afford it. I was not going to buy into an "interest only" loan and hope the house would appreciate so that I'd make a "killing" one day when it went up in value. A house is a home; not something to "gamble" with. I know this bailout is BS. I played by the rules and was responsible. Why should "I" pay the bill for those who cheated and defrauded the system. The ones who are most hurt by this are those like me; those who owe little to nothing, lived modestly ... and saved our money.

This bailout only prolongs the inevitable. We (as a society) are going to pay the price one way or the other. Either everyone (including those like me who have no part in this fiasco) will pay when their money is worth less. Or, the ones who deserve to pay WILL pay when they are out looking for rental property to live in ... and selling their 60K Hummer that they bought with the money from the inflated value of their (the bank's) home. A bailout is no different than owing money on a credit card ... and when you don't have enough to pay the bill, you get another credit card. This happens all the time with people (individuals) and eventually, the "s" hits the fan and the house of cards (credit cards) comes a tumbling down.

America needs to take it in the gut now and say NO to this bailout. We can't reward bad behavior; we can reward fraud and deceit. We surely can't leave the bill for the next generation.

bob of UT 2:18PM September 23, 2008

They could of intervened earlier with less damage to the economy and financial system but deliberately allowed the chaos so the fed government can exert more power over the economy.

Blame the democrats for not bailing out the economy and win the election. Anything to maintain power. no ethics, no morals.

former republican. yr republican, Representative yr convention chicago.

Richard Dolce Jr of IL 9:01AM September 23, 2008

This isn't a Bailout. They've perfected the long con.

When things are going well, they seek deregulation to maximize profits, but when normal economic excesses lead to the bursting of bubbles, they seek taxpayer handouts.

Welcome to the Great Treasury Robbery of 2008!

http://i37.tinypic.com/2evarex.jpg

Actual Money of AK 9:21AM September 22, 2008

The Home Front

Associate Editor Luke Mullins tracks the treacherous housing market and explains how to unload a five-bedroom McMansion or even find that dream home.

advertisement

advertisement

Editor's Picks

Investing Money»
10 Books Investors Should Read

Here is a list of timeless big-picture investing books that explain things like the relationship of skill to luck, the power of large numbers, and the nature of risk.

Personal Finance»
50 Ways to Improve Your Finances in 2013
Closeup of a street speed limit sign saying '50', on an angle.
Your Retirement»
Best Places to Retire for Under $40,000

Low housing costs coupled with the amenities retirees need make these cities great places to retire on an income of less than $40,000 per year.

Your Career»
The 100 Best Jobs for 2013
Find an online degree
Investing Money»
Best Mutual Funds
Best ETFs

Research thousands of mutual funds and ETFs to find the right investment for you.