Its taken some time, and a bit of recovery from the economic shock and awe of the past 2 weeks, but I'm reaching the point where the boiling fury within can be coherently and in good temperance placed in written form.
What is occurring is something entirely unprecedented in the shimmering history of the United States. While in the past, the Federal government has bailed out failing enterprises, the scope and magnitude of this taxpayer giveaway is truly historic.
Think to the past, and the Chrysler bailout. $3.2 billion, and it was, and still is, a glaring example of how government interference hurts the market. (What has Detroit done since then?)
But in the face of $854 billion? It's nothing.
So where's my money going?
• $29 billion to bail out Bear Stearns.
• $40 billion in the first mortgage-holder bailout.
• Up to $85 billion to bail out AIG.
• $700 billion general bailout of securities backed by bad debt. (The International Monetary Fund estimates this figure will rise to at least $1 trillion.)
$854 Billion in market subsidies. Unconscionable. Even the grandest of FDR's schemes to federalize the nation did not come to this level.
If it was a president and administration of a Democrat bent, I would still be furious, but hardly surprised. The socialistic tendencies of that party has long been established. But this isn't a Democrat, its a Republican.
And one who claimed to be a free market capitalist.
George W. Bush and this Congress have failed this country miserably.
Capitalism functions because there is incentive in profit, and restraints in loss. Risk is an essential part of the equation. This removes the market punishment for those who took unwise risk, and is only going to lead to more problems and more federalization.
God help us when that arrives.
I don't say this often, but if you haven't called your senator or congressman to let them know you don't approve of this wanton wreaking of our economy and criminal run up of the federal deficit, please do so.
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4 comments:
I personally like how the money taken out of my check is being used to cover the debts that I owe. It would be a terrible shame if my income were insufficient to provide an institution to pay interest into.
Hear, hear! Instead of "off with their heads" ala Alice in Wonderland, it's "off to the chair with them!" Seriously, I do agree. And this really smacks of an engineered crisis for no other purpose than more government control.
BTW, welcome back.
FAICA, LOL.
Joel, it smacks very much of an engineered power grab.
And I'm back, hopefully with some thunder. :D
"George W. Bush and this Congress have failed this country miserably." I believe that is an understatement. I would suggest renaming this post "The Corruption fo Power and the Devious Failings of a Heineous Adminstration" I would have no remorse in sprinkling the majority of the various members of the branches and departments of this country's government in Cuba. If communism is what they want, I say, let 'em have it.
I'm waiting to call the Rep. after I cool down a little more.
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