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Are you big enough to be bailed-out?
Posted Thursday, September 25, 2008, at 9:10 AM<< Previous | Read comments | Respond | Email link | Next >>
Earlier this year I wrote an editorial about the economic stimulus checks that were used to try to jump-start a stale economy. I was against the idea at the time, and still find it a ridiculous effort, due to the fact that we have to borrow the money and then pay interest on it later. It just adds to a deficit that keeps growing and growing. Me, I'm over 50 so I may never have to see our country "pay the piper" but my kids and grandchildren will. You can't keep spending money that you don't have..which brings me to the current economic crisis our leaders have concocted.
I say it's concocted because nothing has really changed, other than the Republicans are likely to lose the White House. So the powers that be, and I have no idea who that actually is, have decided that the taxpayers need to pay for the past eight years of rampant greed and ignorance. In the past our country's economy was based on savings, now it has been turned-around to an economy based on debt...all because of the few who want to make money off of everyone else. The big credit companies, the same ones that are wanting to be bailed-out right now, pushed people to live beyond their means through credit cards and re-financing mortgages. With the government looking the other way these companies loaned people money they knew they couldn't afford to pay back. Now they want every man women and child in the U.S. to pony up at least $2,300 to keep big businesses from going under. Whatever happened to accountability? Over the course of the history of this country millions of businesses have started..and have failed for one reason or another. It's the law of natural selection, survival of the fittest. I don't think that it is right to reward failure and greed, and any executive who ever approved one of these bogus loans should lose everything they own. That's right let's go after their big houses, cars and off-shore accounts to right this ship...we'll save trillions for the next generations. Comments Showing comments in chronological order [Show most recent comments first] |
A Piggott native, Tim Blair is the News Manager for The Piggott Times. Blair has an extensive background in media, having spent nearly 25 years working in both the electronic and print medium. He was one of the original employees of Piggott radio station KTEI in the mid-80's and has worked for several media outlets in Northeast Arkansas, Southeast Missouri and West-central Ohio.
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And if you think this is bad, wait until you see what the CEOs of this big boondogle take home as bonuses and pay.
Hoot Gipson
Hello,
I have to agree with you on about everything but a couple of points.
First, the "age of greed and ignorance" extends back over 16 years. After not learning anything from the Savings and Loan crisis, the Clinton administration signed on to the UN's Treaty for Individual Rights (International Covenant on Economic, Social and Cultural Rights..1993) Bill Clinton issued an Executive order to begin encouraging lower mortage rates. This gave the building industry a large boost and kickstarted a, then, languishing industry. Off it went...loan rates dropped and housing boomed. Everyone was benefiting so why mess with it. Soon, investment banks began issuing never seen before instruments to render every last penny from this boom. Again, everyone was making money...why mess with it. Soon the greed for these cheap loans drove the price of homes up...makes people happy again...and more new credit instruments developed. Then, the unthinkable...the economy goes south, people cannot afford these expensive homes, defaults grow, credit insurors have to pony up....panic. As the house of cards fall...all good politicians do what they do naturally...cover their rears and say they saw it coming:) A new set of regulations and bailouts of public donors...I mean financial institutions...spring to save the American people from the evil forces that be...forget natural selection. LOL
The stimulus package? Well, actually the last during the Reagan administration may or not have helped but you must remember, the economy of this country has changed. Then, you got money from the government, went out and bought something made from a domestic business, supplied by an american owned company manufacturing here in the United States. Today you buy from an internationally owned chain, buying from a company manufacturing in China or elsewhere. I feel this economic stimulus package will help China's economy...not ours:( G R High