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MC’s bailout blues from way back

In 1991, I wrote a college essay railing against the bail out of the failed savings and loans. Sheesh, I think it’s more apropos than ever and share some excerpts of that essay here, just excuse my college-age ramblings.

MC doing the college thang.

MC doing the college thang.

The United States federal government is not responsible for the banking crisis, and it should not bail out the failing savings and loans institutions. Government intervention in the crisis is a tyrannical exercise in elitism.

It is a conflict of interest for politicians to vote on matters in which they have such a high degree of interest. Politicians are the elite of government … protecting the elite of the banking industry. Such abuse of the necessary and proper clause in the US Constitution leads to tyranny and a country run by and for the elite.

Government involvement in banking is not set forth specifically in the Constitution … therefore, I submit that it is actually unconstitutional for the government to bail out the S&Ls.

Some people argue that it is the job of the so-called elite to protect the average American. Those people would say that it is impossible to run a country without some class system where political elites govern, regulate, and punish the corporate and industrial elites.

[But] our country cannot afford to continue to protect and preserve the wealth of the elites at the expense of the general public.

Politicians are an elite — and they have their hands in the pies of many of the industrial, corporate, and banking elite of our country, who, in turn, have their hands in the pockets of the same politicians.

John Bunzel wrote in Anti-Politics in America, that political tyranny arises when “different interests vying with each other under a common rule are given a share in political power commensurate with their importance … — one man ruling over the rest of the community in his own interest.”

We can’t accept such tyranny. A politician-promulgated decision to bail out the same people and businesses who got the politician elected is in direct defiance of everything of value in our Constitution. Such action, is, unconstitutional.

Posted on July 31st, 2009Comments RSS Feed

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