Imagine North Carolina’s best know slush fund, the Golden Leaf Foundation, with $700 billion to doll out to favored constituencies and what that would to for the democratic process in our state. That’s what we face with George Bush’s Bill to socialize America. This is an excellent post by Hans Bater on the Competitive Enterprise Institute’s blog, The Open Market.
If the bailout bill passes (as seems likely), businesses seeking to
sell their bad loans will have a powerful incentive to ingratiate
themselves with whoever is president, and whoever is the Treasury
Secretary, by making political donations and engaging in
influence-peddling. Expect vast political donations to the President
and his party from banks and lenders if the bailout bill passes,
effectively drowning out the voices of the American people.
