Bailouts: Focus on Economics, Not Politics

I have been more critical than most about the absurd cost of the bailouts. But I have avoided posting on the so-called “tea parties;” Despite myriad invitations, I sure as hell won’t join one.

Why? The main reason is that they are mostly exercises in partisan politics — as opposed to a true focus on the real problems issues of the bailouts: The absurd costs, the moral hazard of rescuing bad companies, the foolishness of rewarding incompetent managements. etc..

I haven’t discussed it much, because like most modern politics, it has morphed into mostly nonsense. The most recent tea party hypocrisy, however, demanded my attention.

Dallas News: Texas Gov. Rick Perry fired up an anti-tax “tea party” Wednesday with his stance against the federal government and for states’ rights as some in his U.S. flag-waving audience shouted, “Secede!”

If you don’t want to take Federal bailout funds, more power to you. I have no issue with that philosophical stance. That’s between an elected official and his electorate. I suspect the voters may have other views come November, but that’s why taking a principled stance isn’t always easy — there may be real world repercussions.

Apparently, the good Governor Perry and his friends in the Texas state legislature seemed to have had a change of heart:

Stimulus funds to repair Texas Governor’s Mansion
AUSTIN, Texas (AP) — While Gov. Rick Perry is criticizing Washington bailouts, state lawmakers are planning to use $11 million in federal stimulus money to help rebuild the badly burned Texas Governor’s Mansion . . . The mansion was burned in an arson fire last summer.
Perry has railed against federal bailouts and what he called the free-spending, power-hungry ways of Washington. In January, he said Texas was endangered by Uncle Sam’s “audacity.”

WTF?

I can only conclude that in order to run for governor in Texas, there is some sort of an IQ test involved — if you pass it, you become ineligible for state office . . .

>

Sources:
Perry fires up anti-tax crowd
KELLEY SHANNON
04/15/2009, Associated Press
http://www.dallasnews.com/sharedcontent/APStories/stories/D97J48IO2.html

Stimulus funds to repair Texas Governor’s Mansion
JAY ROOT
Associated Press May 21, 6:25 pm ET
http://news.yahoo.com/s/ap/20090521/ap_on_re_us/us_governor_s_mansion_texas

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