Libertarian Party Executive Director Wes Benedict issued the following statement today, regarding the financial regulation legislation in Congress:
"The Libertarian Party opposes the legislation currently in Congress. Instead of removing harmful regulations that reduce competition, create winners and losers, and stifle the choices of consumers and financial firms, this legislation merely adds to that heap of regulations.
"It is remarkable that so many people have blamed the banking and financial company failures on the 'free market.' The American finance industry is probably the most regulated industry in human history. It doesn't remotely resemble a free market, and that's been true for many decades. It would be much more accurate to blame the failures on government interference.
"The 2008 TARP bailouts were strongly supported by both Republicans and Democrats. Presidential candidates Barack Obama and John McCain both supported them--Senator McCain even 'suspended his campaign' to rush back to Washington and help push through the massive bailouts. On the other hand, Libertarian presidential candidate Bob Barr firmly opposed those bailouts, and the Libertarian Party has continued to express our opposition since then.
"We're seeing the typical cycle of government regulation:
1. Add more regulations.
2. Watch the new regulations create new problems.
3. Blame the free market.
4. Go to step 1.
"The 2008 TARP bailouts were rationalized with the 'too big to fail' phantom -- the notion that if a big company goes bankrupt, then all financial activity will cease, and the world will basically end. It was one more example of government creating a 'fear of catastrophe' to get people to knuckle under to big government payouts.
"Another major problem with protective government regulation is that it gives consumers the false impression that 'everything's OK, the government will make sure you can't be hurt.' That causes consumers to stop doing their homework, and stop keeping an eye on the businesses they depend on. Then, when the government regulators fail in their job (as the SEC has repeatedly, for example), consumers get hurt much worse than they would if they had never been told the government was taking care of them.
"The problem isn't too little regulation, but too much. Banks, insurance companies, and other financial companies must be allowed to operate freely in a free market, and they must be allowed to fail. No other system will work. Heaping more regulations on top of the already enormous financial regulation pile will only lead to new problems."
Mark A. Calabria of the Cato Institute, writing in the New York Post, commented, "Far from protecting the little guy and sticking it to the fat cats, this bill keeps good, old-fashioned political patronage alive and well."
The Libertarian Party's Platform states: "We favor free-market banking, with unrestricted competition among banks and depository institutions of all types."
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Showing posts with label free market. Show all posts
Showing posts with label free market. Show all posts
Friday, April 30, 2010
Friday, September 11, 2009
Libertarians respond to President Obama's health care speech
In the wake of President Obama's speech to Congress, America's third-largest party wants to remind voters about Republican support for government-run health care plans.
William Redpath, chairman of the Libertarian National Committee (LNC) commented, "Make no mistake, the Libertarian Party is opposed to President Obama's health care plans, and his speech last night has not budged us. But we also opposed Republican plans for big-government health care, many of which have been implemented in recent years."
In 2003, President Bush and the Republican Congress enacted a Medicare prescription drug expansion. It was originally expected to cost $400 billion, but just two years later the cost was revised upward to $1.2 trillion.
In 2006, Republican Massachusetts Governor Mitt Romney supported and signed a bill that required all residents to purchase health insurance, and increased state health insurance funding.
In 2007, Republican Texas Governor Rick Perry issued an executive order to force sixth-grade schoolgirls to receive HPV vaccinations.
This year, congressional Republicans put forward the "Patients' Choice Act of 2009," which would increase federal government spending and control of health care in a variety of ways.
The Libertarian Party has put a poll on on its home page to allow voters to choose which Republican plan is the most hypocritical.
Redpath said, "Republicans are living in glass houses when they complain about the President's health care plans and the bills in the Democratic-controlled Congress."
Redpath continued, "It's time for President Obama to be intellectually honest, himself, and to stop inferring that his ideas of health care reform are the only ones out there. With neither of the major parties is there any serious discussion about letting individuals control their own health care dollars, moving away from employer-provided health insurance, and increasing competition among insurance companies by letting people purchase health insurance across state lines and among providers by taking a good, long look at medical education and licensure laws to allow potential providers to freely respond to health consumers' needs."
Redpath continued, "But, before the President and the Gang of 535 even do that, it would be refreshing to at least hear them debate whether the federal government is empowered to be in the middle of all of this. An honest reading of the Constitution might stimulate the right move -- punting this to the states and the people."
The Libertarian Party favors a free market health care system. The party's platform states, "We favor restoring and reviving a free market health care system. We recognize the freedom of individuals to determine the level of health insurance they want, the level of health care they want, the care providers they want, the medicines and treatments they will use and all other aspects of their medical care, including end-of-life decisions."
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William Redpath, chairman of the Libertarian National Committee (LNC) commented, "Make no mistake, the Libertarian Party is opposed to President Obama's health care plans, and his speech last night has not budged us. But we also opposed Republican plans for big-government health care, many of which have been implemented in recent years."
In 2003, President Bush and the Republican Congress enacted a Medicare prescription drug expansion. It was originally expected to cost $400 billion, but just two years later the cost was revised upward to $1.2 trillion.
In 2006, Republican Massachusetts Governor Mitt Romney supported and signed a bill that required all residents to purchase health insurance, and increased state health insurance funding.
In 2007, Republican Texas Governor Rick Perry issued an executive order to force sixth-grade schoolgirls to receive HPV vaccinations.
This year, congressional Republicans put forward the "Patients' Choice Act of 2009," which would increase federal government spending and control of health care in a variety of ways.
The Libertarian Party has put a poll on on its home page to allow voters to choose which Republican plan is the most hypocritical.
Redpath said, "Republicans are living in glass houses when they complain about the President's health care plans and the bills in the Democratic-controlled Congress."
Redpath continued, "It's time for President Obama to be intellectually honest, himself, and to stop inferring that his ideas of health care reform are the only ones out there. With neither of the major parties is there any serious discussion about letting individuals control their own health care dollars, moving away from employer-provided health insurance, and increasing competition among insurance companies by letting people purchase health insurance across state lines and among providers by taking a good, long look at medical education and licensure laws to allow potential providers to freely respond to health consumers' needs."
Redpath continued, "But, before the President and the Gang of 535 even do that, it would be refreshing to at least hear them debate whether the federal government is empowered to be in the middle of all of this. An honest reading of the Constitution might stimulate the right move -- punting this to the states and the people."
The Libertarian Party favors a free market health care system. The party's platform states, "We favor restoring and reviving a free market health care system. We recognize the freedom of individuals to determine the level of health insurance they want, the level of health care they want, the care providers they want, the medicines and treatments they will use and all other aspects of their medical care, including end-of-life decisions."
-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
www.politicalpotluck.com
Political News You Can Use
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