Tuesday, September 23, 2008

...worth repeating

We do not support government bailouts of private institutions. Government interference in the markets exacerbates problems in the marketplace and causes the free market to take longer to correct itself."

-- The 2008 Republican Party Platform, adopted earlier this month

While not understanding everything going on with the $700 billion bailout down in the US, I do have some opinions. First, in a country that puts capitalism higher than probably any other country in the world, this corporate welfare seems a bit off. When there are companies involved in this bailout that over the course of the last few years have given billions of dollars to executives in benefits, I have no sympathy for them. I would just as soon see them suffer the fate of their capitalist ways and fold. Go bankrupt.

Unfortunately, the impact of that is huge. It's so huge that it looks like they will get their handout, and carry on making their millions. Wall Street will continue to get rich at the expense of Main Street.

I would love to see the executives be required to hand back their bonuses and outrageous salaries before they get any tax payer funded bailouts. I would prefer to see their assets confiscated, and have them tried for fraud or some other corporate crime. But that won't ever happen.


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