In the “Five Things About Me” section of the blog, I included this blurb:
A left-wing newspaper in the U.K. wrote that I’m “a high priest of light tax, small state libertarianism.” I assume they meant it as an insult, but it’s the nicest thing anyone’s ever said about me.
I now have something new to add to that list. In their new book, Give Us Liberty, Dick Armey and Matt Kibbe noted that I was one of the few people in Washington who was against TARP from the beginning. I’m proud that I never wavered in my support for small government and free markets, and I’m proud to work at the Cato Institute, where there is never pressure to do the wrong thing merely to appease Republicans. So this passage from their book partially offsets the horror of yesterday’s football game.
The day after Paulson released his sweeping plan, FreedomWorks quickly connected with other free market groups to assess their willingness to fight. It was a surprisingly small group. But a principled few stepped up, notably Andrew Moylan of the National Taxpayers Union. The Club for Growth and the Competitive Enterprise Institute also weighed in, and Dan Mitchell at Cato and the folks at Reason.com offered much needed policy support. The groups joined forces with a few free market Capitol Hill staffers who were also feeling remarkably isolated in their efforts to stop the massive government bailout.
For those who are not familiar with the debate, the TARP bailout was a failure, both in terms of what it did and what it didn’t do. Regarding the former, TARP gave blank-check authority to the Treasury Department, resulting in an unsavory combination of sordid special-interest handouts and economically-destructive misallocation of capital. The politicians and Wall Street moochers said TARP was necessary to recapitalize the financial system, but that easily could have been accomplished by doing something similar to what happened during the S&L crisis 20 years ago – shutting down insolvent firms and compensating (if necessary) creditors, depositors, and other retail customers. The real tragedy, however, is that politicians failed to fix the policies that caused the crisis – the corrupt system of housing subsidies from Fannie Mae and Freddie Mac and the reckless easy-money policy of the Federal Reserve. The lesson we should learn is that government intervention and subsidies have very high costs.
[…] time talking to policy makers at the time, both in the Bush Administration and on Capitol Hill. I begged and pleaded for them to reject a bailout and instead go with […]
[…] P.S. The Guardian is known as a left-wing newspaper, but I’ve always had a special place for them in my heart ever since one of their writers accused me of being “a high priest of light tax, small state libertarianism.” He meant it as an insult, of course, but I think of it as the nicest thing ever written about me. Even better than this. […]
[…] P.S. The Guardian is known as a left-wing newspaper, but I’ve always had a special place for them in my heart ever since one of their writers accused me of being “a high priest of light tax, small state libertarianism.” He meant it as an insult, of course, but I think of it as the nicest thing ever written about me. Even better than this. […]
[…] called a “dickhead” by this tool may be even better than the time a left-wing British columnist called me a “high priest of light tax, small state libertarianism.” Rate this: Share […]
[…] already pointed out the two nicest things ever said about me. One was intentionally flattering, as Dick Armey mentioned in his book that I was one of the few people to take a principled stand against the TARP bailout back in 2008. […]