Let me start by saying I do NOT believe that letting some financial institutions fail is a bad thing. Yeah, I know – people lose their jobs, but I am sick and tired of this corporate welfare under the banner of “saving the economy.” Nothing could be further from the truth – bailing out companies who fail to perform in a capitalist system HURTS our economy.
If you mismanage your personal money, where is your bailout? If small business makes dumb moves (and ALL of this mortgage crisis is due to making dumb moves) who bails them out? The free market decides who wins and who fails based on a company’s ability to make a better mousetrap and then sell it at a profit. When you bail out companies that do stupid things – you take us out of a free market democracy to a collection of fat-cats protected by their chronies in office. It is the WORST POSSIBLE THING you can do in a democracy. Freedom succeed by your own efforts has to include freedom to fail from them as well.
SEVEN HUNDRED BILLION DOLLARS!!! This is craziness and corporate welfare at the worst level. Not only is it an amount that is nearly as much as the entire “War on Terror” has cost us, but it doesn’t do one thing for the PEOPLE that have been hurt by the poor business practices or to protect the taxpayers from this HUGE abuse.
Get this right people -IT IS YOU AND I ARE BAILING THEM OUT! There is NO such thing as government money – it is taxpayer money. It is YOU that are footing the bill for these bad business practices. It is YOUR money going to reward the very people that created this situation.