Waiting on the White House
Ok, Derek wrote about the exciting, if you are a libertarian or free-market republican, failure of the Big Three Bailout. Now what happens from here? Harry Reid, and congressional Democrats, are pressuring George W. into using the monies from the TARP program to extend a loan to the Big Three.
I have a hard time understanding why this is a legal alternative. Perhaps, I should do some more reading of the text of the 700 billion dollar bailout bill. It seems obvious to me that when a bill like this is passed detailing a plan to use some amount of money for a certain use that use can’t be changed after the fact without another bill being passed. But here we are, Paulson has decided to use the money in a different way than the one he described to congress and they approved. Now Bush is apparently capable of rerouting some of the money at a whim.
Bush is a teeter-totter
So what is Bush to do? I’ve spoken before about Bush’s flopping back and forth on his free-market beliefs (Someone should make sure he understands what free-market means). Bush recently rallied again behind a free-market banner when he explained why the FCC shouldn’t be working towards free nation wide wifi. I guess that means it is time for him to go back to the other side… He’ll likely approve the use for the TARP money by day’s end. A friend recently asked me if conservatism was dead (speaking primarily of fiscal conservatism). I told him no - it was just hibernating… I think the rest of the day will be very telling in this regard. Bush could make the right decision and help support fiscal conservatism. If he doesn’t perhaps there will be outrage by the public at this wanton misuse of fund - that’d also renew my hope for fiscal conservatism.