Sen. Jim Bunning: RIP Free Market

Reader Comments
Back to blog

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

Why do Jim Bunning's comments matter? He couldn't debate his last election opponent face to face, insisting instead on debating over a feed from the RNC in Washington where he could be coached and prodded by his handlers. He serves without any distinction and seems to care only about baseball. But the good voters of Kentucky keep sending him back.

of NY 8:18PM September 21, 2008

To call the Federal Government's financial bailout the institution of socialism in the US is the height of irresponsible imbecility. As most mature governments know, the theory of the invisible hand of the market is one based on greed and self interest. Markets simply and cannot be left to regulate themselves. Only the government can provide the oversight required to enable a stable and secure financial environment. The alternative is the type of selfish chaos of recent months, where a few greedy executives walk away with a fortune at the expense of the many. In such a scenario, a responsible government has no alternative than to financially maintain the trust on which the global economic and financial system is based. The alternative would be to stand by and allow the distrust and fear to spread and destabilize other finacial institutions in the US. The results could be catastrophic. How, for example, can the tax payers interests be served by a collapse of the banking sector? The fact that so many Americans still view the government's belated reaction as being anti capitalistic is testament to the extent to which they are still wedded to a purely free market system, that does not always work in their collective interests.

Dr Michael Santiago 10:20AM September 21, 2008

I watched Senator Bunning and also Congresswomen Bachmann (Minnesota) on the Neil Cavuto TV show yesterday. Both had common sense opposition to the Bailout proposed by Bush, Paulson, and Bernanke. Other politicians should listen to these two, and follow their lead. Their constituents should feel proud of them for their representation of the American taxpayer!
It is insane to have the same people that were so irresponsible, inept, and incompetent that caused this whole mess to be the same ones who we allow to come up with a solution. They will only make matters worse. Fire them, and form a task force of competent, independent thinkers come up with a comprehensive, well-thought-out long term strategy.
And finally, listen to Dr Ron Paul: abolish the Fed.

johninmontana of MT 11:04AM September 20, 2008