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Postscript to the bailout madness

As we noted in an update to yesterday's post, the US House rejected a Treasury-sponsored $700 billion bailout bill that would have would have given Treasury Secretary Hank Paulson "broad authority" to purchase mortgage-backed junk paper from financial companies.

Part of the reason the bill failed in the House was the overwhelming response from Americans incensed at the proposed deal. Voters flooded their congressmen with mail, faxes, and phone calls, with many voicing their strong disapproval of the proposed bailout.

As a result, the tide surprisingly turned against congressional planners and unelected officials who had pushed for the bailout, some of whom shamelessly paraded the plan as a "rescue of Main Street", when in fact it is anything but that, especially when one examines the longer-term costs of such a rescue.

Unfortunately, the bailout proposal will not die so easily. The stock market is enjoying a rebound today, as news of a hoped-for salvaging of the bank bailout/"rescue plan" emerges.

That's why I'd like to point out Mish's recent posts, "Courageous Vote in the House", and, "The Bailout Failed. What's Next?", in which he urges readers to continue voicing their disapproval for any related bailout package.

If you are so inclined, please take a look at the information Mish has provided for contacting your elected officials about these soon to be voted on bailout measures. You can also pass this information along very easily to your friends and contacts in the media. The choice is yours!

Related posts and articles:

1. "Jim Rogers says let banks fail, clean out system" - Bloomberg.

2. "Stocks tumble, bonds rally on bailouts" - Finance Trends Matter.

3. "Comments on the bailout bill" - Finance Trends Matter.

4. "The Bailout Reader" - Mises.org.

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