KiloXray.Com

H.R. 1424, also known as the “bailout plan” is the greatest economic mistake of the 20th and 21st centuries, and is a dangerous step back in American society.  Nowhere in time did we ever make such a dangerous move towards killing the capitalistic nature of this great country and moving toward socialism.

Don’t any of our representatives study recent history?  Let’s look at socialist USSR, and how they ended up collapsing.  How about socialist China? Socialism took it down, now that its government is encouraging a gradual shift to capitalism – they are flourishing.  How about Cuba?  There isn’t a single case in recent history in which forced socialism works.  Socialism takes away the basic human right to prosper by personal effort, initiative, and risk, and brings government into our lives in a dangerous way.  Governments need to be enablers and stay out of our lives, not control and dictate any and every aspect.

H.R. 1424 is a mistake for the following reasons:

1) It will increase the national deficit by over 800 billion dollars.  That is 800 billion dollars the American people do not have.  This is de facto enslavement of this and future generation. What happened to living within our means?

2) This bill will force a significant increase in federal taxation.  As every economist will tell you, more taxes means slower growth.  Slower growth means higher burden and the path to disaster is paved.

3) Our politicians signed us up for 800 billion dollar debt in just one week! This is the worst type of reactionary legislation.  The legislature has a history of screwing up nearly every reactionary legislation they came up with (look up the “Patriot Act” if you want a good example.)

4) After the Great Depression (1929) the Federal government created the Reconstruction Finance Corporation which had similar goals to that of H.R. 1424.  The RFC was later shut down amongst allegations of corruption, favoritism, and bureaucracy.  Think it won’t happen this time – think again!  The first attempt to pass the bailout plan failed in the House with good cause.  In order to pass it in its second incarnation (H.R. 1424) the Senate laced it with Pork money providing tax breaks and incentives such as: wooden arrow maker, race tracks, rum makers in the American Virgin Islands to name a few.  This bill just passed the house, and it is already filled with corruption and favoritism.

5) This crisis wasn’t created by any single person, corporation, or legislator.  It is a culmination of greed by hundreds of thousands of people, corporations, and legislators.  The American public can be split down the middle to those that recklessly jumped on the bandwagon, and those that were responsible and did not.  Why are we punishing those that were responsible by enslaving them with the debt of those that ran wild? What kind of a moral message are we sending?

6) Many claim that “something needs to be done” and that “free market capitalism failed.”  They are correct on the first account, and wrong on the second.  Something does need to be done, we should let the market correct it self – that is how free markets work.  Someone once said “Capitalism without bankruptcy is like Christianity without hell.”  And that is exactly the essence of how a free market should operate.  When people in a free market become reckless – they pay the price.  It is a self correcting mechanism.  It helps maintain moral hazard, ethics, and proper cost/risk/benefit approach to business.  If we privatize gains and socialize losses – we destroy the foundation for the success of capitalism.

Let’s remind our elected officials that they are public servants, let’s reminds them that they were put in office to serve our interests, rather than pad their pockets with kickbacks, let’s remind them that pork money and corporate favoritism is wrong, let’s oust them from office.  KiloXray recommends you vote the following senators and house representatives out of office to help remind them what there were put in place for.

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Here is a link to the full text of H.R. 1424.

Here is a link to the official House voting record for H.R. 1424.

Here is a link to official Senate voting record for H.R. 1424.

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PLEASE ENCOURAGE EVERYONE YOU KNOW TO VOTE THESE RECKLESS SENATORS AND REPRESENTATIVES OUT OF OFFICE!

House representatives that supported H.R. 1424:

PLEASE ENCOURAGE EVERYONE YOU KNOW TO VOTE THESE RECKLESS SENATORS AND REPRESENTATIVES OUT OF OFFICE!

Senators that supported H.R. 1424:

PLEASE ENCOURAGE EVERYONE YOU KNOW TO VOTE THESE RECKLESS SENATORS AND REPRESENTATIVES OUT OF OFFICE!