[596] in libertarians
LP RELEASE: Mexican Bail-out
daemon@ATHENA.MIT.EDU (William Winter)
Thu Feb 2 22:49:24 1995
Date: 02 Feb 95 22:44:55 EST
From: William Winter <73163.3063@compuserve.com>
To: Vernon Imrich <libertarians@MIT.EDU>,
*Matthew Platte <73150.470@compuserve.com>,
Kay Shiel <74633.614@compuserve.com>,
*Randy Langhenry <71610.3614@compuserve.com>,
Roger Erickson <RogErick@aol.com>, *Tom Edwards <tedwards@wam.umd.edu>,
Gail Lightfoot <sufficit@aol.com>,
Wayne Parker <75024.3345@compuserve.com>,
"J. Miranda" <j.miranda3@genie.geis.com>,
LP of Arizona <safe@indirect.com>,
"\"G. Thomas Rush\"" <thomasr@cpqhou.compaq.com>,
David Nolan <73303.1612@compuserve.com>,
*Don Henson <Don_Henson@delphi.com>,
NH Politics Online <71233.255@compuserve.com>,
"*John T. Paff" <j.paff1@genie.geis.com>,
Larry Phillips <larry.phillips@esbbs.com>,
Angel Prouty <angel@dash.com>, *Jim Merritt <presbyte@aol.com>,
*Jim Conk <jim.conk@theorem.com>,
"Alachua Co. LP" <libparty@freenet2.freenet.ufl.edu>,
*Jim Solomon <solomon@comm.mot.com>
-----------------------------------------
NEWS FROM THE LIBERTARIAN PARTY
1528 Pennsylvania Avenue SE
Washington DC 20003
-----------------------------------------
For immediate release: February 2, 1995
For additional information:
Bill Winter, Director of Communications
(202) 543-1988
-----------------------------------------
Mexican bail-out is proof that business-as-usual
continues in Washington, charges Libertarian Party
President Bill Clinton's $20 billion bail-out of Mexico is "an abuse
of his executive powers, proof that business-as-usual continues in Washington,
welfare for wealthy Wall Street firms, and a mockery of free trade," said the
Libertarian Party today.
"It's appalling that Newt Gingrich thinks Clinton's bail-out is
courageous," said Steve Dasbach, National Chair of America's third-largest
political party. "It's outrageous that Clinton's actions are supported by
Robert Dole. Instead of the real change that Republicans promised, it's
business as usual: Billions squandered on foreign governments and rich
American corporations - while American taxpayers are robbed by irresponsible
politicians. We're getting a good look at how the bipartisan
Clinton/Gingrich/Dole administration will operate for the next two years."
Dasbach said the Libertarian Party opposes the bail-out for several
reasons.
"First, because American taxpayers are being forced to subsidize a
free-spending, incompetent foreign government. And this bail-out guarantees
our continued involvement in the tumultuous financial affairs of Mexico. The
U.S. government is planning to supervise Mexican fiscal, industrial, and
monetary policy. American politicians have failed dismally in their attempts
to manage the U.S. economy. They should not try to micro-manage the Mexican
economy.
"Second, because these loan guarantees are under-the-table cash for
foolish Wall Street firms, lured by high-risk Mexican investments. This crisis
could have been a valuable lesson for high-risk investors in the global
economy - that with rewards come risk. Unfortunately, the Clinton bail-out
sends the message that there are no real risks: Uncle Sam is waiting to rescue
you if you make bad investment choices.
"Third, because this is not free trade - and certainly not the kind of
real free trade the Libertarian Party supports. In genuine free trade, the
government stands aside and allows the free market to operate. But with
Clinton/Gingrich/Dole pseudo-free trade, the government acts as referee,
back-seat driver, and bail bondsman - all with taxpayer's money.
"Fourth, because it's a misuse of Clinton's executive powers, since it
relieves Congress of any responsibility. Republicans could have had an
opportunity to live up to their free-market campaign rhetoric by rejecting
this bail-out. Instead, they stand on the sidelines cheering.
"Finally, because it was not necessary. The argument that the bail-out
was needed to protect American jobs is absurd. The Mexican gross domestic
product is only 4% of that of the United States. That's too small to have any
major impact on our economy," said Dasbach.
On the topic of foreign aid, the Libertarian Party platform states:
"We strongly oppose any bailout of foreign governments or American banks by
the United States, either by means of the International Monetary Fund or
through any other governmental device."
# # #
