Saturday, February 14, 2009

Are There Winners in Bailoutistan?

In the most massive shift of wealth ever conducted from the productive to the politically connected, the only real winners here are those seeking to increase our dependence on the state.

When we start talking about burning $ 16.2 billion on a combo of high speed passenger rail, commuter rail, and Amtrak, the only conclusion is pork, pork, pork. Assuming that we can actually build a high speed maglev train from LA to Los Vegas, does anyone believe that a) it can be done even with an $8 billion budget, or b) that it will ever turn dime one of profit?

If you do, I've got some hope'n'change to sell ya.

$184 million on oversight? At about 0.02% of the total, that's laughable. By Washington standards, it's so trivial that it's a complete waste. It would have been more honest to skip the oversight altogether. The point of the bill is to waste as much money and incur as much debt as possible. This trivial sum doesn't even provide a credible patina of oversight. This is just a waste of time and money in an attempt to convince the rubes that Congress cares about reining in waste.

Senator Coburn provides a list of additional bailoutistan projects included in the bill.

Just about nothing in this process inspires confidence. If we're lucky, the upside of all of this debt is a decade of Japan style stagflation.