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

by Berin Szoka on October 3, 2008 · 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? 

Tagged as: bailout, blogging, congress, crisis, Internet, iraq war, New York Times, ron paul, yeats

Comments Posted in: Inside the Beltway (Politics)

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