Thursday, October 2, 2008

Thoughts on the Bailout Bill - Part 1 of 2

I will be the first to admit that I am not an expert in economics. My discipline of study was Theology, having earned my degrees at the Rocky Mountain Kingdom Bible Institute. But the chances are that the overwhelming majority of people reading this blog aren’t economic experts either. So for that reason we just have to listen to the “experts” and determine who is most knowledgeable about the issues we are facing on this economic bailout we all hear about.

We also have to admit that the vast majority of the reporters who are speaking about the doom that will fall on our nation if this economic bailout is not approved really don’t know what they are talking about either. After all, like you and I, they don't have economic degrees either. The discipline of economics was not their area of study. Their specialty is journalism - not economics.

For that matter, most of our representatives in the House of Representatives or in the Senate are not students of economics. Their specialty will be varied. Most are lawyers, some are doctors, businessmen, etc. I am sure that some have a degree in economics but certainly not the majority.

For that reason I can’t really say whether this economic bailout is needed or not. But the point I am making is that those in congress don’t really know either. They could be listening to Chicken Little as he proclaims, in all sincerity, "The sky is falling!"

I am not saying the sky isn't falling. It may very well be. The point I am making is that the vast majority of Americans, news reporters and politicians just have to rely on the expertise of others.

If you have been watching the news you will notice that there are many and I mean many economists who say that this economic package is not needed and the shrill of economic doom is without foundation. That isn't to say there won't be some cash flow, some credit problems etc. But they are saying the cure is worse that the sickness. It is kicking the proverbial can down the road for our children to face. One person made the comparison saying that our parents sacrificed so their children could have a better life. But now, through this economic bailout bill, we are asking our children to sacrifice so we can have a better life.

Who are we to believe?

Here are some things to think about. Whenever someone attempts to pressure you into accepting their special deal, it is usually time to walk away. This is so basic that it seems almost foolish to even mention it. We all know that the fast talking salesman is not to be trusted. But that is exactly what we have been told the last few days. The government has a deal and we better take it! Quick!

A few days ago the congress wisely rejected the bailout bill that they were suppose to accept without thinking, without questioning and without timely consideration.

On Wednesday the senate passed a bailout bill that is now going to go to the House of Representative. But there is a problem with this bill. It’s unconstitutional!

Even though I have not heard any news commentator actually use the word unconstitutional, that is exactly what it is. A couple - who evidently are smarter than those in the senate, usually just point out that all bills dealing with the raising of revenue is to originate in the House of Representatives. It has been pointed out that this bill and its approval by the senate first and then the House is backwards. Indeed it is this very fact that it is backward from what is suppose to be done according to the constitution makes it unconstitutional!

I am sure there are some in the Senate and the House who has pointed this out, but evidently they are being ignored. (continued)

OK! I know you're busy so I do appreciate you taking the time to read my blog today. I'll try to finish up tomorrow.

Don't forget the White Christian Heritage Festival in Pulaski, Tennessee on October 18th. Check out for more information.

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