NYT Live-Blogging Bailout Debate – Barney Frank Warns of Socialism!

by on October 3, 2008 · 6 comments

The New York Times, that dinosaur of old media, is currently live-blogging the most important Congressional debate since that epochal, thoughtful discussion back in October 2002 as to whether Iraq posed a clear and present danger to the United States justifying a declaration of war—I mean, total non-debate that preceded Congress’s decision to issue President a blank checkthat has proved nearly as expensive as the blank check currently before the Congress.

The highlight of the debate thus far:

11:39 a.m. | No socialism!: After Jeb Hensarling, a Republican representative from Texas, affirmed that he was voting against the bill because it smacks of socialism and might represent limits on liberty, Barney Frank, a Democratic representative from Massachusetts, said that he is “ever mindful” that George Bush might “lead us down the road to socialism,” and so Congress would monitor the bailout closely.

Wow.  When Barney Frank, just about the closest thing to an avowed socialist in Congress after Bernie Sanders, warns about the dangers of a Republican president and supposed ”free market” champion leading us down the “Road to (socialist) Serfdom,” we should all feel a terrible chill.  To paraphrase the over-paraphrased Yeats:

Surely some revelation is at hand Surely the Second Coming is at hand! … what rough beast, its hour come round at last, Slouches towards [Washington] to be born? 

SHARE: 6 comments

About Berin Szoka

Berin is the founder of TechFreedom. Previously, he was a Senior Fellow at The Progress & Freedom Foundation and Director of PFF's Center for Internet Freedom. He covers Internet and media policy issues including privacy, advertising, neutrality, cybersecurity, free speech, child safety, and various other efforts to regulate the Net. Berin was elected in 2010 to the Steering Committee of the DC Bar Association's Computer & Telecommunications Law Section. Before joining PFF, he practiced communications, Internet and satellite law as an Associate in the Communications Practice Group at Latham & Watkins LLP. Previously, he practiced at Lawler Metzger, a boutique telecommunications law firm in Washington and clerked for the late Hon. H. Dale Cook, Senior U.S. District Judge for the Northern District of Oklahoma. A recognized expert on the legal and regulatory issues associated with space commercialization, Berin is a member of the FAA's Commercial Space Transportation Advisory Committee (COMSTAC). He is a Director, and former Chairman, of the Space Frontier Foundation, a citizens' advocacy group founded in 1988 and dedicated to opening the space frontier by enabling "NewSpace." He received his Bachelor's degree in economics from Duke University and his J.D. from the University of Virginia School of Law, where he served as Submissions Editor of the Virginia Journal of Law & Technology.

Read more articles by Berin Szoka.

  • http://techliberation.com/author/berinszoka/ Berin Szoka

    Damn, I thought I was being clever with my Yeats reference, but I see that Dave Weigel beat me to the punch by several hours on the Reason blog: http://www.reason.com/blog/show/129250.html

  • michaelanthonycole1

    We know things are bad when Cong. Frank is wary of more socialism! However, Frank's “socialism” is not merely expensive. It's inconsistent with limited government.
    There's more to take away from Frank's concern than shock at the bailout's expense. Indeed, the “blank check” given in 2002/2003 has drawn more funds than this one promises to.

    It is the expansion of government's areas of concern and authority that should concern us most about the bailout . Section 8 of the failed plan provided expansive authority for the Secretary, and Sen. Dodd's plan specified new federal bureaucracies to manage the government's new stake in the markets. I haven't read a summary of the new plan, but I see no reason to believe that these features will change substantially. Therein lies the bailout's great corruption, regardless of the pricetag.

    (And I'd like to add that Berin is the best blogger ever!)

  • michaelanthonycole1

    We know things are bad when Cong. Frank is wary of more socialism! However, Frank's “socialism” is not merely expensive. It's inconsistent with limited government.
    There's more to take away from Frank's concern than shock at the bailout's expense. Indeed, the “blank check” given in 2002/2003 has drawn more funds than this one promises to.

    It is the expansion of government's areas of concern and authority that should concern us most about the bailout . Section 8 of the failed plan provided expansive authority for the Secretary, and Sen. Dodd's plan specified new federal bureaucracies to manage the government's new stake in the markets. I haven't read a summary of the new plan, but I see no reason to believe that these features will change substantially. Therein lies the bailout's great corruption, regardless of the pricetag.

  • cgun

    I wouldn't worry that much about Barney Frank's dire warnings. He was being sarcastic. He's not worried that George W. Bush, who's never seen a deregulation bill he didn't want to pass, is transforming the country into a socialist empire by authoring this bill. Frank is poking fun at Rep. Hensarling's “the sky is falling” argument. But it looks like the irony went over a few people's heads.

  • http://tieguy.org/ Luis

    Glad someone here has the sense to see that this was sarcasm…

  • http://tieguy.org/ Luis

    Glad someone here has the sense to see that this was sarcasm…

Previous post:

Next post: