In case there hasn’t been time to find those few minutes to pick up a paper in the last week and half or so, a brief overview—we are in economic crisis, something that is very real. If you are not feeling it in your pocket book now (like at the grocery store or the gas station), you will be soon. As was described in the Presidential Address the other night, the government has bailed out big businesses that have gone bankrupt due to corrupt business practices. The tax payers are now responsible for paying over 85 billion dollars that private business negligently squandered, though never was it the big bosses’ paychecks who ever suffered. In order to do this, we are borrowing money that will leave our children with with a massive debt to repay.
So what do we all think of this? On one hand, the people that would suffer would be the everyday people whose life insurance, home insurance, retirement, and credit that would suddenly become void, or plummet if these companies dissolved. On the other, since when does government pay for private businesses’ economic mistakes? I thought we had something called Capitalism in this society?
What do you all think? Are you ready to foot the bill for a big company’s mistake? Or do think the government is right to step in?
I have never been a big fan of government and still am not but I do agree that something needs to be done. Our taxes are high enough now and if they are going to bail out these idiots why can't they in turn seize all of the assets, including the CEO's (other company officials) handsome retirement and severance pay and use that to help offset some of the debt and reorganize the whole thing.
ReplyDeleteOn the other hand, why didn't they see this coming a few years ago??? This government is so short-sighted it makes me crazy. Wait until the situation is completely out of hand and then scramble to try and put a bandaid on it. They aren't even going to address the high gas prices (can you say price gouging?), I suppose, nevermind the shortages.
I could go on for days about what blithering idiots we have in Washington but I think I'll just take a deep breath and have a piece of chocolate instead - while I can still AFFORD chocolate :-)