Obama Asks Bush to Back Rescue of Automakers - this is why the bailouts were a bad idea. Where will they end?

Politicians on both sides of the aisle have failed to put aside their own self-interests to govern at both the state and national levels.  They have breached the trust of the public and enriched themselves and their friends by expanding the reach of government into our houses and now our banks.

We expect government expansion with Democrats.

But as the saying goes, “Fool me once; shame on you.  Fool me twice; shame on me.”  The national public apparently feels like it has been fooled by the GOP one time too many.

And after this election, we may all look like fools.

But as the party of limited government, the GOP must be willing to adhere to this basic principle:

Less is more.

In other words, limited government and fewer taxes enrich the majority of people in America.

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Despite the largest economic bailout in the history of the country, the once-free American market is spiraling down, down, down…and other world markets are going down with it.

A London Times report this morning indicates that the global credit crunch is “now moving so fast that governments around the world are finding it impossible to keep pace.”   Last week in Ireland and Germany, government officials moved to guarantee bank deposits, but these efforts have failed to produce the expected rebound or increase in investor confidence in the market.

CBCNewsCanada reports that

Britain’s benchmark stock index, the FTSE 100, lost 220.11 to 4,760.14 - a 4.42 per cent fall. The banking industry led the declines, with the mining and oil industries also suffering drops. HBOS PLC’s share price tumbled 15.7 per cent, while the Royal Bank of Scotland Group PLC dropped 13.6 per cent.

Germany’s DAX index edged down 4.22 per cent to 5,552.27. France’s CAC-40 index fell 4.85 per cent to 3,882.81. In Russia, the RTS stock index fell more than seven per cent in first 20 minutes of trading.

In Asia, the markets were in the red. Tokyo’s Nikkei 225 index dropped to its lowest level in four and a half years, plunging 4.25 per cent to 10,473.09.

Hong Kong’s Hang Seng index edged down five per cent to 16,803.76. Markets in China, Australia, South Korea, India, Singapore and Thailand dropped significantly as well. Indonesia’s key index fell 10 per cent, its largest one-day drop ever.

And with the United States economy appearing to head into a period of recession, Asian investors expressed skepticism about the positive impact of the $700 billion bailout plan passed by Washington on Friday, a concern fueled by a U.S. jobs report that shows an upward tick in unemployment figures.

“There are strong doubts about its implementation,” Yukio Takahashi at Shinko Securities Co. said in Tokyo.

No kidding.

And now Congress is pushing for even greater government regulation of the market, citing the lack of oversight and regulation as the cause of the market tailspin.

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(h/t to Jon Henke via David All)

Be sure to see how your representative voted! Check out the Roll Call Votes for the Bailout. (h/t to the Club For Growth)

UPDATE: The only member of the Maryland Delegation to vote against the bailout today was Rep. Roscoe G. Bartlett (R). I don’t even want to talk about my Representative - Wayne Gilchrest. But I will soon enough!

Remember this date - 10.03.08 - the beginning of the Post-Bailout Era. And that’s not a good thing - ramifications will be as detrimental as FDR and the New Deal.

After the Senate vote to pass the much ballyhooed bailout package, Majority Leader Harry Reid, D-Nev., said,

“We’ve sent a clear message to Americans all over that we will not let this economy fail. This is not a piece of legislation for lower Manhattan. This is legislation for all America.”

NOT!

A redoubt is a small, and usually a roughly constructed, fort or outwork of varying shape, commonly erected for a temporary purpose, and without flanking defenses, used especially in fortifying tops of hills and passes, and positions in hostile territory.

In the heat of a battle, military men will use a redoubt for temporary refuge.

And we voters need to see this bill for what it is:

A redoubt for the politicians.

Did you notice how the bill ballooned to over 450 pages from an initial three page request from the Secretary of Treasury?  How many Senators will derive personal benefit from the pork added to the bill they created?

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Thanks to House Leader John Boehner for posting the text of the Proposed Economic Rescue Bill. It’s important for everyone to read it so that we know exactly what the taxpayers are buying.

BTW, did anyone see the sickening performance by Pelosi on 60 Minutes when Paulson had to come to her for help getting the Bill through committee?