Welch is spreading the wealth

Like many Vermonters, I was disappointed in U.S. Rep. Peter Welchs vote for taxpayers to bailout Wall Street investors as well as provide cover for the politicians who forced unsound lending rules on lending institutions and then refused to correct these problems after being warned time and again. To make matters worse, the bill does absolutely nothing to fix the flaws that brought about the lending crisis. Yet, it should not surprise Vermonters that a wealth redistribution advocate such as Peter Welch would vote for the Wall Street bailout. After all, Wall Street was in need and I guess us taxpayers where in a position to help. Bailouts provide cover for incompetence. Those who have said the Wall Street troubles are a free-market failure could not be further from the truth. The fact is that Congress forced non free-market regulations on lending institutions, making this a failure of government controlling the market. In a free market, people and business have both the right to succeed and the right to fail. Government interference with bailouts prevents failure, which is a major tenant to a successful free market system. Without failure, there are no corrections, the system becomes unsustainable and consumers are harmed. While I enjoy life out of elected politics, it is actions like this bailout that remind me why my family and I gave up our time and financial comfort so I could serve two terms in the Vermont Senate and then run for Congress in 2006. It is very disheartening to see that there is no strong candidate on the ballet as an option to Rep. Welch. I know that this is not because Vermont lacks more qualified people for that job. Nearly every small business person has a better grasp of basic economic principles and how wrong it is to take what one person earns and give it to another, most especially when it goes to reward failure. That is the essence of the bailout and why even if Rep. Welch was the only name on the ballet, Vermonters should not bail him out with a vote on Nov. 4. We must protect his right to fail, otherwise he will never learn and we can expect more of the same in the future. Mark Shepard Bennington Vermont State Senator, 2003-06

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