Anger grows at government bailouts of financial industry
The socialist policies of late have irked many Americans who pay their taxes, and pay their rent or mortgages on time. Both CNN and The Washington Post have stories up today about the growing backlash against the government over the nationalization of bad mortgages, and the bailouts of giant financial companies like AIG.
From the Post:
This may be a Main Street bailout backlash in the making. The details of the financial crisis are still hard for most people to follow — what with talk of exotic “derivatives” known as “credit-default swaps” and so on — but the central fact of the matter hasn’t been lost on anyone in this Northern Virginia community: The taxpayers are on the hook for the bad judgment of others.
It looks like a bailout bill is about to fly through Congress this week, despite public opinion being overwhelmingly against unloading all this bad debt on the taxpayers. There are a handful of Congressmen and limited government groups fighting this, but I foresee getting steamrolled on this one. A sad day for freedom, indeed.
September 22nd, 2008 at 10:53 am
Won’t all these bailouts simply further distort the markets and ultimately create a bigger bubble that will detonate like an atom bomb in the coming year or so?
Let these institutions fail now, it will be bad, but propping them up is only going to intensify the implosion of the economy.
I am incensed that the greed of Wall Street and the ignorance of the American people have effectively sealed our economic fate for the next few years at least.
September 22nd, 2008 at 11:06 am
The market is working. It is punishing bad decisions and bad behavior. Why punish taxpayers and banks that did not make bad decisions?
I shouldn’t have to pay for the financial misdeeds of someone else.