We Had to Act Now – Here Come the Socialists

Last weekend I suggested that the Lehman Brothers collapse would spur the largest power grab since FDR used the financial crisis of the 1930’s to create the “New Deal”.

Today, I am proved correct. 

 

President Bush - The Economy (Joyce N Boghosian)

The President announced the largest government intervention program ever will be fleshed out over the weekend, with the Treasury and Congressional leaders of both parties and himself working on the details. 

He is correct that now is not the time for partisan bickering.  Something needs to be done to stop the bleeding.  But once this is underway, the bloodbath will begin.  Perhaps it already started.

Obama praised the moves and criticized McCain.  McCain was critical of Obama.  Everyone dislikes Bush and Congress even more.  The fact is, the government just made a power grab “for our own good”.  It is a more permanent move than it appears and it will have longer term financial and economic effects than say, the war in Iraq.

Listen to me now and believe me later.  History will show this as the beginning of the end of what we used to call the free markets.  FDR style protections will be validated and voters will begin to forget that there was a time when Uncle Sam wasn’t there for your bailout.  The rise of socialism is upon us.