Why Bailouts Are Bad
I wrote this for some local papers and it got cut down. This is the full version that was a pre-election version.
Why bailouts are bad.
America runs on the fuel capitalism and to water down this fuel makes the engine of our economy rust, corrode, and eventually fail completely. Anyone hear from PAN-AM lately; how about E.F. Hutton? I thought when they talked people listened. Where did they go? Did we actually let these companies fail? We sure did and that’s a good thing. People who lost jobs, had to find new ones and other companies that were better run filled the void if a void was left.
If you run up big debts, stop paying your bills, and/or borrow more than you can pay back, does the government pay you to keep doing these things? NO. You lose it all and file bankruptcy. Why one rule for Main Street and another for Wall Street? The reason is a slow and creeping socialism.
Socialism sets a floor and a ceiling for its citizens and businesses. You can only achieve so much, because at some point the government takes so much that it is no longer beneficial to work harder for so little gain. At the same time, you can only fall so far because a “safety net” is setup by the government, paid for by taxpayers, to “save you” from your own failure.
Why not save people and businesses from poor choices and bad acts? Because actions have consequences and if we “save the people from themselves” they will never learn from their mistakes. If your parents never let you fall, you may never have learned how not to fall. If we bailout all bad businesses then we never make room for better run businesses. We don’t allow people to learn from failure and we repeat the same mistakes. All of us, everyone one of you reading this have learned from failure. Not one baby is born with perfect speech, walking, talking, and reading.
The faster our nation understands this, the better off we are. I’m an American first, a conservative second and I want what’s best for America. With that in mind, President Bush was wrong, Sen. McCain was wrong, Sen. Dick Durbin was wrong, Sen. Barack Obama was wrong and Bill Foster was wrong. All of these people were wrong to vote for or support the $700 billion bailout.
AIG is a case study in why we should let these companies fail. After an $85 billion bailout, the fine executives at AIG went on a spa retreat for a whopping $430,000. Do you think AIG learned anything? I think they learned if they stay large enough the taxpayers will bail them out. If the services of AIG were still needed a competitor would either swallow them up OR another company could wait for them to fail and service the clients AIG would leave behind. Either way, the taxpayers didn't need to foot the bill.
Bill Foster voted for the $700 billion bailout twice, the second time the price tag was closer to $850 billion after it came out of the Senate. He talks about fiscal responsibility, and then gives the bad actors on Wall Street a way out of any consequences for their poor choices and poor management. I heard someone say that the government could have given $45,000 dollars to every American for what we gave away to the Wall Street titans in the last 2 months.
So let’s make our representatives pay the consequences of their votes FOR the bad actors and AGAINST hard working taxpayers of the 14th district.
I feel like this will be relevant in the days, months and at least 2 years to come.
Why bailouts are bad.
America runs on the fuel capitalism and to water down this fuel makes the engine of our economy rust, corrode, and eventually fail completely. Anyone hear from PAN-AM lately; how about E.F. Hutton? I thought when they talked people listened. Where did they go? Did we actually let these companies fail? We sure did and that’s a good thing. People who lost jobs, had to find new ones and other companies that were better run filled the void if a void was left.
If you run up big debts, stop paying your bills, and/or borrow more than you can pay back, does the government pay you to keep doing these things? NO. You lose it all and file bankruptcy. Why one rule for Main Street and another for Wall Street? The reason is a slow and creeping socialism.
Socialism sets a floor and a ceiling for its citizens and businesses. You can only achieve so much, because at some point the government takes so much that it is no longer beneficial to work harder for so little gain. At the same time, you can only fall so far because a “safety net” is setup by the government, paid for by taxpayers, to “save you” from your own failure.
Why not save people and businesses from poor choices and bad acts? Because actions have consequences and if we “save the people from themselves” they will never learn from their mistakes. If your parents never let you fall, you may never have learned how not to fall. If we bailout all bad businesses then we never make room for better run businesses. We don’t allow people to learn from failure and we repeat the same mistakes. All of us, everyone one of you reading this have learned from failure. Not one baby is born with perfect speech, walking, talking, and reading.
The faster our nation understands this, the better off we are. I’m an American first, a conservative second and I want what’s best for America. With that in mind, President Bush was wrong, Sen. McCain was wrong, Sen. Dick Durbin was wrong, Sen. Barack Obama was wrong and Bill Foster was wrong. All of these people were wrong to vote for or support the $700 billion bailout.
AIG is a case study in why we should let these companies fail. After an $85 billion bailout, the fine executives at AIG went on a spa retreat for a whopping $430,000. Do you think AIG learned anything? I think they learned if they stay large enough the taxpayers will bail them out. If the services of AIG were still needed a competitor would either swallow them up OR another company could wait for them to fail and service the clients AIG would leave behind. Either way, the taxpayers didn't need to foot the bill.
Bill Foster voted for the $700 billion bailout twice, the second time the price tag was closer to $850 billion after it came out of the Senate. He talks about fiscal responsibility, and then gives the bad actors on Wall Street a way out of any consequences for their poor choices and poor management. I heard someone say that the government could have given $45,000 dollars to every American for what we gave away to the Wall Street titans in the last 2 months.
So let’s make our representatives pay the consequences of their votes FOR the bad actors and AGAINST hard working taxpayers of the 14th district.
I feel like this will be relevant in the days, months and at least 2 years to come.
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