Ruppersberger - "It's not a bailout"

Dutch Ruppersberger voted YES to bailout Wall Street.

As quoted from the Baltimore Sun’s Dan Rodricks blog
http://weblogs.baltimoresun.com/news/local/rodricks/blog/2008/09/dutch_its_not_a_bailout.html

Dutch Ruppersberger just got five minutes with Shepard Smith on Fox News, defended the $700 billion bailout, saying it was an investment in the nation's future, and he closed out his interview by saying, "It's not a bailout." Smith kind of snickered at that statement, saying, "Not a bailout, huh?" Dutch voted for the measure and pledged to keep working for its passage.

Today the American people through their Representatives spoke against amazing pressure from all corners of power against a bailout plan for Wall Street. I fail to understand how Dutch can justify his position. This plan, would have had our government buy “toxic” “assets” that essentially are worthless. There is an argument that these “toxic” “assets” will maybe be worth something over time, and possibly even turn a profit. Regardless of that unlikely argument, it is morally repugnant to use tax dollars, which are funds citizens are REQUIRED to remit, on risk bearing “investments.” Those who willingly took risk investing in these “toxic” “assets”, those who would profit if they rose in value, must also bear the down side position of their investment. Direct government intervention in markets, assigning arbitrary values to assets or goods, is an anathema to our free market system. This economic system has made America great and is what I am dedicated to defending.

As part of my campaign stump speech I have so many times mentioned my passion for our free market system in relation to our taxes. I point out that our current tax code, full of deductions, credits and alterative taxes is comparable to a top down management of the economy, similar to the “five year plan” of the Soviet system. This taxation system allows Congress the ability to extend their power far into the realm of the blatantly unconstitutional, encouraging this and discouraging that via economic manipulation rather than overt regulation. One year Congress will subsidize the purchase Large SUVs, the next environmentally friendly hybrid cars. This insanity needs to come to an end. I support any proposal that will scrap our current IRS system and replace it with simplicity.

Congress's economic manipulation in the macro markets of Wall Street and the micro markets of your family's checkbook need to END. Congressman Ruppersberger is disconnected with reality as evident by his quotes above. Let us take our Congress back this November, throw these elites out and vote in regular folks who can understand an unprecedented bailout when he sees one.

Please call Dutch Ruppersberger’s office tomorrow and ask him, if it wasn’t a bailout bill that failed yesterday, what do you call shoving 700 billion dollars towards Wall Street in exchange for assets that have no value? I call it Socialism. Yes, I am thankful that Socialism failed, for at least one more day.