(Fishers, IN)- Here's something positive to note, in the dim bleakness that is our political landscape, from an AP article:
Indiana Rep. Mike Pence said Sunday that he opposed the financial industry rescue plan that the House is expected to vote on today.
"We now have a deal that promises to bring near-term stability to our financial turmoil, but at what price?" the Columbus Republican wrote in a statement to his colleagues Sunday. "Economic freedom means the freedom to succeed and the freedom to fail. The decision to give the federal government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free-market economy."
It isn't just nationalization that is worrisome. It's that we can count on getting more of anything that is subsidized. We know that to be true by watching the subsidization of corn and ethanol. What are we subidizing with this bailout? Bad decision-making. If we prop it up, we tell lenders they don't have to be careful with extending credit. We tell borrowers they don't have to afford their mortgage payments. We tell all that someone else will deal with their messes. It's rotten policy.
So, freedom to fail is important. Bad decisions should fail. They shouldn't be rewarded.
Kudos and thanks to Mike Pence. Nice to see some rational thought eminating from our state every now and again.
Update: Doug Masson offers what he calls 'cynicism' in a comment, not believing that his stand is principled. I find this cynicism wholly reasonable, what with the general absense of principle in the Congress. Besides, news stories don't always pick up the whole thing, so I went to Pence's site for the whole statement. Here's what's pertinent for me:
Republicans improved this bill but it remains the largest corporate bailout in American history, forever changes the relationship between government and the financial sector, and passes the cost along to the American people. I cannot support it.
Before you vote, ask yourself why you came here and vote with courage and integrity to those principles.
If you came here because you believe in limited government and the freedom of the American marketplace, vote in accordance with those convictions.
Now I like Pence's statement even more. Sure, we'll never know what kind of horse trading takes place behind closed doors, but what the man put in black & white is exactly what I want to see and hear. Link to Pence's statement.
Democrats can oppose this bailout in accordance with their own stated principles as well. I'd really like to see it from one of Indiana's Congressional Democrats.