McCain Had Better Oppose the Proposed $700 Billion Bail Out
Let's see … The proposed bail out is a monstrosity on several levels:
- It increases future moral hazards.
- It provides a precedent to bail out other problem industries.
- It gives waaay too much power to the administration. (I certainly would not want this power in the hands of Democrats.)
- It has provided the demagogues with a plausible story. (The expected stories of “The Republicans are letting oil prices rise!” and “The Republicans are out of touch with the common man!” were erased by “drill here” and the Sarah Palin selection.)