Senator David Vitter (R-LA) introduced legislation yesterday to prevent the Federal Reserve from secretly bailing out states with budget problems. Senators Jim DeMint (R-SC) and Mike Crapo (R-ID) have joined the effort and signed onto S.251, the State Bailout Prevention Act. This legislation music to the taxpayer’s ears.

I highly doubt the willingness of these Senators to live with the results were this legislation to actually become law.

Just like you highly doubt the willingness of the Democrats to live with the economic, bureaucratic, and political fall out of the Health Care Reform Act?

However, letting States go bankrupt will have larger consequences I think.

You may be right. But if they require bailouts, shouldn't our ELECTED officials fund those bailouts?

I'm kind of torn on this. I understand where you're going, and even conceptually agree with it. But at the same time, I also feel that politicians can often get sidetracked by the political advantage of a situation and use/abuse it. Where as those in positions like the Federal Reserve are hopefully a little more insulated from the politics and in more of a position to do what it objectively correct.

This is an argument for dictatorship.

LOL, ooooook.

You're gonna need to explain how you arrived at that from my comments.

LOL, ooooook.

You're gonna need to explain how you arrived at that from my comments.

Rynar's right. And so are you. There are legitimate benefits to this. A benevolent, highly-competent dictator is the most efficient form of government.

The problem is that it's not a very stable system.

It is an argument for political insulation from the consequences of our leaders decision making. That is the antithesis of democracy.