Monday, October 6, 2008

‘The Bailout of Abominations’

By Robert Higgs ∙ ∙ October 6, 2008

As a rule, we may assume that any statute containing the word “emergency” in its title, preamble, or statement of purposes is a bad law. If you want an apt example, consider the Emergency Economic Stabilization Act of 2008 [PDF], which the president signed into law on Friday, October 3, 2008, soon after its approval by the House of Representatives. Back in 1828, opponents of the tariff bill enacted in that year felt such outrage that they dubbed the law the Tariff of Abominations. With this precedent in mind, we might well refer to the bill just enacted as the Bailout of Abominations.


1 comment:

  1. This bailout is just one more example of the indivisible handjob stroking irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground. So much for Keynesian economics. If the goal is to stimulate the economy, why not give the money directly to the American taxpayers? We could do twice as much good for the economy by giving half as much money directly to hardworking American taxpayers. A bird in the hand is worth two in the bush administration.