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Losing Faith in Our Markets--and Our Democracy
Losing Faith in Markets; Losing Faith in Democracy
As I read Paulson's proposed bill to authorize his bailout of the financial industry, I am struck not so much by the loss of faith in free markets (though that is stunning enough), but by the loss of faith in democracy. Paulson is calling for almost absolute executive power with no oversight by congress, courts, or administrative entities. This is the power of a king. Essentially, Paulsen is telling us not only that markets don't work but that, in a crisis like this, democracy doesn't work either. What is needed is an all-powerful, unchecked executive who can make decisions without oversight and without any need for approval from anyone other than himself. Does this sound familiar? These are exactly the sorts of powers Bush claimed for himself during times of war. Now those same absolute powers are being demanded in times of economic crisis. The Paulson bill is, in this way, much like the Iraq resolution--a blank check for executive power. Increasingly we need to ask the question: Is fear--whether of terrorist attack or of economic hardship--causing Americans to sacrifice their liberty and their democracy for a fleeting sense of security? Have we become cowards who, in sacrificing our precious liberty for security, now deserve neither?
Comments (3)
Democrats want to make sure this bail out has protections for average Americans.
But Senate Republican Leader Mitch McConnell of Kentucky said "now is not the time for partisan plans or pet projects."
So average Americans are pet projects?
September 21, 2008 3:21 PM | Reply | Permalink
Now is exactly the time for rational action. We have time. Friday showed the market able to recover on its own with existing capital.
Really, this is just the same old Bush M.O. Create a crisis, throw in a little panic and shoo the Congress into agreeing with yet another disaster.
September 21, 2008 3:55 PM | Reply | Permalink
There is nothing 'partisan' about preserving our democracy. I so wonder if this situation has not been manipulated into existence. Paulson must not be given such broad extended power. That is absolutely not acceptable. I am sure their is a solution that does bring the demise of our democracy and I do not trust any power being given to this adminstration. Any arrangement must be governed by congress and not Paulson or the executive. We have to demonstrate loudly and clearly that we are behind our leaders creating a solution acceptable to the american people. We have no reason to trust the administration in this situation and our leaders in congress MUST demonstrate that our democracy is being preserved and not further threatened by their actions.
September 21, 2008 5:37 PM | Reply | Permalink
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