Bail Out Insures Failure
Posted in National stories
Dec. 9, 2008 at 15:13
by BrendaBee
Tuesday, December 09, 2008
"Economic fluctuations cause recessions. Political ones cause depressions. The Bush bailouts in September created a $700 billion bad precedent, and now the feds have about $8 trillion in direct and indirect financial bailout obligations, which is half the size of the entire U.S. economy. Coverage by The New York Times showed that even big-government advocates were amazed: Federal officials hoping for economic revival were "sending a message that they would print as much money as needed." ( http://townhall.com/columnists/MarvinOlasky/2008/12/09/what_if )
Has our government gone mad? These are supposed to be intelligent people but they are on a spending frenzy at a time when all logic would demand prudence. The people understand what is happening and have cut back considerably in their spending, but the people who are responsible for holding the purse strings of our country having found our purse empty are merely stealing from the yet unborn with ever increasing abandon. And if that suicidal stupidity is not enough they are throwing money away in such a way that failure is sure to result.
Giving the Big 3 Automakers a bail out was beyond insanity. There is no way this industry can reverse its self-inflicted demise. Self-inflicted due to an unfounded attitude of superiority and an belief that they were insulated from failure because they are "just too big to fail". Detroit auto makers have decided for 30 years that they were right and the world was wrong in producing economically operating automobiles. Detroit insisted that oil supplies would feed the gas hogs they produced forever and people would buy them even with all evidence to the contrary. All it would have taken was management getting out of their private jets and taking a short drive down the interstate (any interstate) to see just how many foreign cars were on America's highways.
Now our Congress is giving them a measly $15 billion dollars with instructions to turn around and remake themselves almost instantly. This with the threat that there will be no more money coming. But of course the auto makers and everyone else knows there will be more money coming. In fact a great deal more money from the pockets of the unborn because not to spend more money on them would be "throwing" this first (and last we are being told) installment away.
I have been adamantly opposed to any bail outs of any failing company period because a failed company up to the present has gotten there by their own poor business practices. But darn it people, if you are going to give a bailout then give one that is large enough to do the job! $15 billion for the Big 3 will be swallowed up in one gulp with no sign of any improvements in the situation. It is akin to giving a homeless person enough money for today's meal instead of enough funds to get himself some sort of shelter and the ability to get himself cleaned up and able to go out and get himself a job to earn the money for his own daily food allowance. (Of course this is how our government funding for the poor has always operated with the result being more homeless!) However the example is valid because this is exactly what $15 billion will be for the auto makers.
So I repeat, " And if that suicidal stupidity is not enough they are throwing money away in such a way that failure is sure to result." While our bail out debt has iincreased to $8 trillion. Me thinks the country is not going to Hell in a Hand Basket as my Dad wopuld have said, but in a out of control locamotive pulling the entire nation behind it towards a dive into a deep, deep gorge. BB
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Jun. 20, 2010 - Untitled Comment
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