What Happened to the Bailout?

So, after the big uproar over the need for the $700 billion, tax-payer funded bailout, I’m wondering what happened to it.

Didn’t Paulson warn us about falling into the “abyss” if it wasn’t approved?  Didn’t we fall into that abyss anyway?  We approved the bailout and a few weeks later, our stock markets tanked 25 percent!  

Seriously, what the hell is happening?  Have they spent the money? Have they done anything?  Have they even named who’s in charge yet?  

This bailout reeked of an exectutive branch power grab from the beginning, and now that’s all it looks like it was meant to be all along.  If this bailout was so urgent, wouldn’t they have done something by now?  Before the bailout, they were throwing billions of dollars around, taking over Fannie and Freddie, AIG and arranging deals between banks.  Now that they have the bailout?  Nothing!

The real goal of the whole $700 billion bailout was four words:  Office of Financial Stability.

While it might not sound that important, it gives the Exectutive Branch of our government the right to intervene in the financial markets without any sort of Congressional review.  While the Federal Reserve has been intervening in our markets for decades, it was technically still a private bank.  The bailout puts the power directly in the hands of unelected, Presidential appointees.

Look at all of the power we have handed over to the government recently.  After 9/11 they created the Department of Homeland Security and the National Security Agency, who have the power to search your internet records and listen to your phone calls without a warrant.  Also, Congress let the President have the power to go to war without officially declaring war.  Now we are handing the Exectutive Branch the power to intervene in our markets in the name of “stability”.

How much bigger are we going to let our government get?  This country was founded on principles of limited government.  The Colonies were seceding from a monarchy.  The last thing they wanted was a strong central government that governed from thousands of miles away, but that is exactly where we are at and where we are headed.  We can turn this ship around, but we need to get back to basics and start following our Constitution and stop giving the central government more and more power.


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