A caller to the Mark Levin show last night said that we have to have this bailout, because, if you're neighbors house is on fire, you have to do something to save it. Mark correctly pointed out that this is totally the wrong analogy, what we should be saying is that if you're neighbor is an arsonist, and burns his house down, you don't rebuild the house for him and then give him another box of matches! That is what is going on here. This bailout amounts to enabling, making it just that much easier for all of this to happen again, but on an even larger scale next time.
Some Congressmen are giving lip service to putting some regulation on these companies, but none of that regulation would serve to stop this from happening again, it would just stop the CEO's from walking away with millions when it did. I'm not saying that this would be a bad thing, but it won't solve the problem. Congress and other agents of the Government put in place regulations that forced lenders to give loans to people who couldn't afford them, and they have no intention of changing those regulations, and that will be a huge problem. These are the policies that caused the mess now, and will re-cause it going forward. Like I said though, next time it will be even bigger.
September of 2008 will go down in history as the month when Socialism gained it's first major foothold in the United States of America. All of the steps of Socialism that have come before could have been reversed over time, but that might not be possible with these bailouts and takeovers.
And, as for the lie that these institutions are too big to fail, well, that's obviously not true, because they are failing! If they fell, it would hurt, but it would not be the end of the world, other Companies, some existing, some new start ups, would move in to pick up the slack. It would be a tough time, possibly with a real recession, but not a full fledged depression, and we would work through it, and be all the stronger for it. Instead, by bailing them out, we are adding a couple more floors to the house of cards, so that it can all fall in again.
The reason that so many Americans are willing to swallow this is because they are so scared. We need to realize that we need to be ready and willing to take care of ourselves and our fellow man, and suffer through the short term, and we will make it through this, but we can't put a band aid on it and expect that to make everything better for all time. Please people, don't let them scare you into giving up your freedom, and that is what this will lead to, you must understand that.
This bailout is NOT a good thing.
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