The current financial crisis has caused the government to start handing out billions and billions of dollars to private businesses. In many ways, this makes me angry. I am a huge proponent of the free market system. Companies should live and die by their decisions. Employees of those companies should also feel the effects, it's the basis of our country. The problem is, the companies get too big to allow to fail.
The first bailout that I heard of is AIG. Just a few years ago, AIG was in trouble for defrauding investors, now they are in trouble and the government is helping them out.
Next came the bailout of the entire financial industry, well known for extravagant spending during the glory days instead of saving for a rainy day (which you know will come).
Next comes the American auto industry, who has let Unions run up their costs and have designed sub-standard vehicles for so long that they have to appeal to our patriotic senses to sell cars instead of contending in the global market.
I realized that allowing businesses of this size to fail could be catastrophic to our economy, but I agree with the Congress when they force these guys to give them a plan. We aren't going to finance "business as usual"...we want a plan for change.
As a small business owner who has had a tough couple of years, I'd just like to mention that I don't need a bailout in the billions, a couple of hundred thousand dollars would set me up for a long long time...
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1 comment:
Amen to all you said. We sure could use a bailout too.
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