Free market groups opposing bailout

A coalition of 27 organizations, including the Commonwealth Foundation, have signed on to an open letter to US Senators put together by NTU in opposition to the $700 billion bailout.

Curious as to what is in the Senate’s bill? The Club for Growth has a short post on some changes and a link to the 451-page bill here. Don’t have time to read the whole thing before the Senate votes tonight? You can follow foundinthebill on Twitter which highlights some of the unusual provisions which have nothing to do with the bailout (recent updates include $9 million for mine reclamation, tax exemptions for certain farm machinery and wooden arrows, and a link to a Politico story about the “mental health parity” provision of the bill).

One of the free market alternatives to the bailout – ending mark to market accounting rules – has already taken place, to an extent. The SEC has suspended this rule, though a permanent repeal should be part of any legislation. This should help free up private capital for investment. It remains one of the key proposals of the RSC, who are holding the line on their alternative to a taxpayer funded bailout.