I told him so… March 28, 2009
Posted by docgrubb in economics, economy, politics.trackback
Here is a copy of an email I sent to then-President Bush in October. I’m posting it here primarily because even pessimist me is surprised at how quickly the last sentence of the next-to-last paragraph is coming to pass.
Dear Mr. President:
I write you to voice my absolute opposition and disgust at the most recent economic “rescue” maneuver: strong-arming banks into selling shares to the federal government. Last week’s bailout was Socialism. Nationalisation of commercial enterprises is Communism. Strong-arming ostensibly free institutions is Fascism. We traversed the road to tyranny in just two weeks’ time.
I have supported you when your popularity plummetted. I’ve reminded grumblers how we have not had a repeat of 9/11 on our soil since your two wars took the battle to their own territory. But I can support you no longer. You and Paulson and every Congressman who voted for the bailout are merely Fair-Weather Capitalists. You abandon principle when the going gets tough.
You belittle Americans in presuming we are no longer stout enough to handle economic hardship. If Providence had a second Depression in store for us, it would have purged the system of its rottenness, punished the perpetrators who corrupted it, and may even have had salutary effects on the populace – a return to reliance on family, a return to the soil and honest labor, A RETURN TO GOD AND PRAYER, and a dissipation of heretofore accelerating greed and complacency. But you have interfered with that. Worse, you and our Esau-esque ‘leaders’ are selling our birthright for a mess of pottage. Furthermore, you are setting terrible precedents, which may well enable an upcoming President (with less reluctance than yourself) to exercise unconstitutional powers over us.
You were averse to allowing a Depression to begin on your tenure. So you’re delaying it by months or even a few years. But you’re selling out the Constitution in the process. You feared a legacy or name similar to Hoover’s. So instead you’re buying one worthy of Faust.
truly yours no longer,
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