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Fiscal Insanity at the Speed of Light 2008-17-04 Fiscal Insanity at the Speed of Light The tip-off is in the first sentence: “The Senate worked speedily last week …” In recent history, the only time the U.S. Senate has “worked speedily” is when (1) it is trying to pass some self-serving legislation that might wither in the light of day, or (2) the august members are giving themselves a raise in the dark of night. In fact, rumor has it that the last time the salons gave themselves a raise they worked so speedily that they transcended the speed of light, thrusting themselves back to May of 1856, whereupon Rep. Preston Brooks attempted to cane the leaders of both parties for blatantlyabusing the public trust. Nicole Gelinas, writing in the current edition of the Manhattan Institute’s City Journal does not have a story nearly so dramatic to relate. But, she does relate the story she tells in a sufficiently dramatic fashion. It involves the Foreclosure Prevention Act of 2008, a “pernicious bailout,” which she rightly dubs “A Feckless Foreclosure Fix.” Years ago, doing a roast for the comic genius Milton Berle, one of the presenters uttered a particularly amusing line (the likes of which I can not now remember), to which the infamously larcenous Berle rejoined, “I wish I had said that – and I probably will.” I wish I had said all that Ms Gelinas says in her splendid analysis of the bogus Foreclosure Act of 2008. But, I didn’t. And I won’t. So, herewith, I speedily link you to the pithy, piercing article in its entirety: http://www.city-journal.org/2008/eon0407ng.html ALG Perspective: As we wrote yesterday in a piece on this same subject, actions have consequences. Ms. Gelinas rightly asserts that the consequences of the Foreclose Act will be inevitable, long-term – and disastrous. President Bush needs to be urged to veto this assault on fiscal sanity. John Kennedy once wrote, “We need politicians who think less about the next election and more about the next generation.” With his veto, Mr. Bush can join those exclusive ranks.