We must do what all businesses do in a free market capitalist system. We must unfortunately allow these banks or the next one down the pike that face economic doom, to just simply let them fail. It is the foundation of a democracy. Those who choose to risk and risk in irresponsible fashion risk the possibility to go under. It is not the government’s duty to rescue banks who chose, by their own admission to overplay their hand in risk and reward economics. And certainly putting someone’s burden on the backs of taxpayers is just as wrong.
The lesson learned from these bailouts is that other corporations and banks will assume the government will just bail them out when they play with fire. It can be looked at as if a mother has told her child not to touch the iron because it’s hot. When that child bypasses his or her mother’s firm warning and touches the iron anyway, result? That child gets burned. When banks decide to play the game of high risk then you get banks that go under. So why bailout someone who knew the consequences beforehand?
Call me cold but I guess it’s the Libertarian in me that expects my bank to be accountable for their actions. No bad deed nor irresponsible move go unpunished. So let them be punished and that’s that. Let the stronger banks who were smart reap the rewards of responsibility; and let those who had a taste for greed and pay the piper. Our government isn’t in the “Rescue Me” business and neither should the citizen. After all, we don’t expect the government to bail us out of bad financial decision do we? Do you call upon the government to pay off your car note? To pay your mortgage when you bought a house you knew you couldn’t afford? As much as we want to avoid the consequences for our own actions, we hate to. How else will we learn?
We must learn to live within our means, to save; put money inside a car as well as a savings account. Don’t buy into things you know you can’t afford. Wait until you have enough money so that your end is covered when you buy that house or that car. Don’t be like the “Jones” because you can’t afford it yet. Be patient. Whatever happened to patience and satisfaction? No matter what the economic climate may be people need to be grateful for what they have and not so quick to go after what they cannot afford. That money my friends could have been an investment in a small diner or hardware store. Instead you spent it on a 500,000 dollar home that is now a default. Remember the lesson folks.
Play the risk and reward game but do so at your own discretion. Be responsible with your money and aim higher, but do it in a sensible manner. The government has no place in our pocket books or check books so please; be smart. And be careful, because the next time government shows up to assume the position, you may not want them there. A handout in excess can be deadly. Bare the words of the Libertarian in mind. I’m just looking out for you, guys.
Make as much money as you possibly can; but do it responsibly.
The steps you can live by:
- Be responsible2.Don’t spend what you don’t have3.Invest in your ideas3.Don’t play it safe all the time, some risk is good 4.Never overplay your hand in risk/reward economics5.Always have a cover for your finances6.Never expect the government to rescue you on account of your own irresponsibility. Take your lose and rebuild. It never hurt anyone.
Now what John McCain offers is your typical Republican economic plan. Small government, in comparison to Obama, lower taxes for everyone, not just the middle class, and free trade. The problem with McCain’s plan is that he favors increased free trade. Judging by what we’ve seen with George Bush and free trade the amount of unemployment we’ve seen from free trade can be hard too swallow; we’ll have to see.
With Obama man where do I start. It’s not so much a new version of the New Deal as it is an introduction into American socialism. For every problem facing this country Obama proposes a government solution. One has to wonder, in this pile of government run “this and that” where is the individual in all of this? Whether it’s government run health care, higher taxation that creates wealth redistribution, a limited free trade practice, and the elimination of secret ballots within labor unions, Obama’s economic plan is based on “fairness” and not individual responsibility and free market capitalism.
The downside to an Obama economic plan will be long term if he’s elected. One of the most flawed foundations of any economic system or any system is fairness. Fairness is what? Taking from the big guy because the little guy has less?. Fairness gives you only a limited amount of freedom to fight back. Fairness is your mother scolding your older brother for giving you a Todd Zeile baseball card for your Alex Rodriguez rookie card then making him give it back. Fairness is what children benefit from; and we’re not children. We’re smart enough and fully capable of prospering on our own accord. The key message of the Clinton years was that the era of big government had come to an end. During those years Americans felt secure without the arms of false comfort from government being wrapped around them. “We the People” strikes the first sentence of the preamble of the United States constitution, not: “The government grants us”