I don’t know where in the political spectrum my ideas on the economy put me. I don’t care really.
Here’s the deal: Asking taxpayers to bailout failing companies is ridiculous. Businesses should be allowed to fail. I don’t care if we’re talking about energy providers, airlines, or banks.
I have been the head of more than one company that has faltered, didn’t get off the ground, or has never materialized the way that I want, and I sure don’t see anyone standing in line to bail me out.
A business that is built on shoddy practices like “short-selling” and futures is bound to go down in a nasty flaming ball of poo.
Businesses that fail open the door to competition which lowers prices, introduces innovation, and bolster’s customer confidence and spending… which therefore jump starts the economy.
… An economy that isn’t backed by any tangible property or resource like gold or land, but is instead valued merely by the “reputation” and “confidence” in the US by other countries. The current administration (can we not call it that? Administration sort of connotes a leader…) has done nothing but destroy our reputation. Why is it such a surprise that the US dollar is soon going to be worth less than toilet paper?
Here’s my plan… First, make all the bank and finance CEO’s who have pocketed millions and millions of dollars over the past couple of years return that money to the companies to pay off the outrageous debts they owe.
Secondly, LET THEM FAIL. It’s about fucking time we have some equalization in the vast class discrepancy in this country. Why should we allow the government to spend 700 Billion dollars to maintain the status quo (which will fail again eventually!)?
Thirdly, and this is a big one… How about we take all of the unemployed people who need jobs to feed their families and put them to work on public projects, like roads, schools, bridges, levies, and urban renewal tasks? How about helping rebuild New Orleans and Galveston?
You may be thinking that this all sounds familiar. It should… it’s what happened after the Stock Market Crash of 1929. FDR instituted his “New Deal” (a chicken in every pot!) and built most of the public buildings and jails that are right now falling apart because there hasn’t been any funding to repair them. If we can find 700 Billion to bail out Wall Street fat cats, I say we can find half that to start putting things back together.
Of course no one in our government is interested in looking to the past for answers. You know that cliche’ “Those who don’t learn from the past are bound to repeat it?”
2008 is the new 1928. Where are my spats?