Bailout Bill Dangerous, Unnecessary, Inflationary, Unconstitutional


The $700 billion financial bailout bill being pushed by Bush and Congressional leaders is attracting broad opposition.  Not only does it rip off taxpayers and violate constitutional limits on delegation of government power, it also threatens to spread the contagion of the mortgage meltdown, drive up inflation, and ruin the value of the U.S. dollar at home and abroad.

Law Professor Ilya Somin and economist Steven Landsburg question the need for a bailout.  Sebastian Mallaby, a supporter of past bailouts, balks at this one, comparing it to “wandering into a bad-loan bazaar and being ripped off by every merchant.”

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