This $800 billion-plus proposed federal taxpayer bailout is not a rescue and is not good for anyone except the politicians and institutions that created this "crisis." As a taxpayer and a hefty mortgage payor-who had to prove his ability to qualify and pay with tax, income and asset documents as well as a standard down payment, during the height of the Wall Street binge period-I resent having to pay more to bail out the real culprits in this manufactured "crisis."

The core cause of these present problems was not lack of regulation or government intervention; it was just the opposite: too much government and politics. And those who benefit from the intervention.

Unlike Sen. John McCain, I will be happy to name names. People like Democrat Congressional leaders Sen. Chris Dodd and Rep. Barney Frank who with others supported legislation forcing banks to give money to unqualified people based on race, color, or other non fiscal considerations (the Community Reinvestment Act, ACORN, mark to market regulations); the politicians who got the majority of political campaign donations from the suspect institutions including Dodd, Frank and Sen. Barack Obama; the banks, insurance companies and corporations who caved so easily to feel-good forced legislation without a whimper; government-created entities Fannie Mae and Freddie Mac and their former leaders, Franklin Raines (CEO, Fannie Mae) now chief economic advisor to Obama; Tim Howard (CFO Fannie Mae) and Jim Johnson (Lehman Brothers and Fannie Mae) both with Obama.

Why should these individuals and organizations be left off the hook, let alone rewarded for their bad behavior and costly mistakes? They should reach in their own pockets.

Do we really expect the people who caused the problems and oversaw the spectacular negligence regarding the systemic risks posed by Fannie and Freddie to "rescue" us? The overwhelming majority of Americans have indicated the clear answer is "no." But politics and the "October surprise" seem to have priority status.

If we believe in truth in advertising, this 451 page bill (which added more than $100 billion in non-financial credit market rehabilitation as pure pork earmarks) is really the opening salvo of the total nationalization of America. It would represent a tremendous transfer of individual wealth and fling the doors wide open for unprecedented additional federal government intervention, power and regulation which would expand into areas far greater than our financial markets.

Many of the House Republicans, Blue Dog Democrats and others who voted "NO" last week, did so for varying reasons-including my former University of Hawaii classmate Rep. Neil Abercrombie (who listened to his constituents) -and they were correct in resisting poliical pressure and they are to be congratulated. Hope they stay consistent tomorrow but hope is waning as political -not economic-pressure mounts.

Much has been written and said about this rush to a historic level of single issue domestic spending. Several issues need highlighting, especially since all the major politicos of both parties, in office and trying to get in, are cajoling us to get on board. So are special interest organizations such as Chambers of Commerce. Small business is adamently opposed to the bailout. Common sense has been trampled along the way.

For those of us who believe-really believe-in the free, competitive market, we are not scared. We know the market will correct itself. Will it be hard on some people?

You bet, especially those who have benefited from non-market legislation or intervention and for those who do not qualify for credit unless based solely on their color, race or other consideration. Credit IS available now and will be in the future for those who actually qualify. What a concept! There are positive, effective, pro-growth free-market solutions without punishing the taxpayers. A bailout prohibits their use.

A bailout does not erase market cycles or human accountability and does not make an unhealthy and unaccountable situation, poor tax policies, or failed regulations better. A bailout this immense once begun, will lead to additional clarion calls for more money and more control.

And why should an un-elected Secretary of the Treasury-Mr. Paulson a Democrat in the Bush Administration- be given extraordinary powers? Especially when he is gone next January and under an Obama presidency we could have a Franklin Raines in that position. What are these politicians thinking? Or not.

This bailout-and a name change does not change its economic implications- rewards incompetence and punishes the vast majority of honest and prudent taxpayers. It is not a rescue. Contact your elected officials tonight and tell them so.

Sam Slom is a University of Hawaii Manoa graduate, a professional consulting economist, former Bank of Hawaii economist, and president and executive director of Small Business Hawaii. He is also a Republican State Senator from the 8th district Oahu, Hawaii Kai to Diamond Head. Reach him via email at mailto:SBH@lava.net

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