Friday, November 14, 2008

No More Bailouts

No-fail capitalism isn't capitalism.

John Campbell argued that the recent bailout of the banking system was the other shoe dropping after the farm bailout of the 1980s.

Maybe, but something still bothers me about shaking down taxpayers to cushion the pain people and institutions should feel for making bad economic decisions.

It seems like trickle-up PC self-esteem from the schools to the adult world. No keeping score. Everybody wins, nobody loses.

Except the taxpayer.

1 comment:

OmaSteak said...

Amen to the philosophy but what do you do when the government in its infinite wisdom had a major hand in not just allowing the financial markets to meltdown but actually was one of the primary causes due to left wing liberal social policies? All of the current interventions will have much longer than expected ramifications which will spread far beyond just the affected industries and the borders of the US. Are you ready to lose everything you have that isn't in paid for hard assets? It would take the equivalent of a 1930s depression to do a hard reset of the world's financial system and you end up punishing millions of people who did absolutely nothing to produce the problem. The better course of action would be to begin restructuring our government now...the fair tax, term limits, end civil service, disband the Federal Reserve system, etc.