Say it with me now, boys and girls: No More Government Bailouts!
Why are we even CONSIDERING offering a line of credit to whomever wants to buy Bear Stearns? Why are we even thinking about creating bailout programs for all these lenders that shouldn't have borrowed, or bailing out all these loan agencies that should have never made the loans to begin with?
Let the law of economics straighten out the marketplace and dog damnit, you idiots in Washington, stop trying to write fiscal policy. It becomes more and more evident that you have NO IDEA what you are doing.
Lowering the interest rate repeatedly has no impact upon consumers OR banks. Banks have tightened their standards SO much that consumers can't take advantage of "cheap money" to refinance. Consumers are so distrustful of the economy - and, lets face it, the administration (just saying we aren't in a recession does not magically make it so) that we aren't going to spend. Most of us are worried about our future personal solvency, so we are saving what little we have or will get so that we have some sort of nest egg in the event we lose a job, etc.
You know what? Bear Stearns was in the market place to make money. And they did. And now they are broke. So fucking what. What happens to other companies when they are broke? They don't get an unprecendented, what amounts to a government bailout!! No, they fucking bolt the doors shut, have a fire sale, and shut the business. What's wrong with that?
Let the market fix itself!!!!! Less goverment watchdogging and more pure market play!
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1 comment:
Congressmen get shit loads of campaign money from these people. Hence the bailout.
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