I just canâ€™t resistâ€¦
Letâ€™s see we have:
â€œâ€¦gave AIG its initial government bailout, before Congress passed legislation providing for additional assistance and said that not enough safeguards were built into the deal.â€
then we have:
"It makes me angry. I slammed the phone more than a few times on discussing AIG," Bernanke said. "It’s â€” it’s just absolutely â€” I understand why the American people are angry."
Let me just say, this particular American is angry at guys like Bernanke who are foolish enough to hand out billions of dollars without any safeguards, accountability, etcâ€¦ with the money. What do they expect?
That is who Iâ€™m â€˜angryâ€™ with. They claim AIG is â€˜incompetentâ€™ (they are â€“ and they shouldnâ€™t be bailed out â€“ incompetence is a good reason to not stay afloat, imoâ€¦) â€“ I think the current administration is just as incompetent and naive to think they just give people billions of dollars with no plan in place, etcâ€¦
Now the Federal Government wants to take away bonuses from private industry executives and limit their pay. They are even quoted as wanting them to â€˜lost their jobsâ€™.
Can we let the fools who passed this silly legislation lose their jobs instead? 🙂
In a free market, it seems to me that if a company does well and prospers it will survive. If that company loses money, to the point of going under â€“ they should go under. The companies that didnâ€™t go under, continue to survive. If I start a business and run it poorly I wonâ€™t survive in the marketplace.
ie. Ford Motor company changed their process and has survived so far without needing a bailout. They changed their processes and business model. They are staying ahead of the game. Meanwhile, the other car industries didnâ€™t, and are struggling.
I think the government can provide regulation, etcâ€¦ that is fine. But not bailouts. They should also be breaking up large corporations (which is why we donâ€™t allow monopolies)â€“
ie. if you have one â€˜superâ€™ bank and it goes under it wrecks our economy. If we have 8000 smaller banks and 5 go under. We stay afloat. We have anti-trust laws in place that arenâ€™t executed on. That is the governments responsibility. I would say corporations like Walmart, Microsoft, AIG, etcâ€¦ should be broken up into smaller companies. Basically we have to continue to break up the big â€˜monopoliesâ€™ â€“ promote more smaller business enterprises.
As far as housing goesâ€¦ going back to the Clinton administration… they fostered the idea of â€˜everyone owning a homeâ€™ â€“ now the government canâ€™t understand why we are in this mess and blaming the banksâ€¦ lol They practically forced the hands of the banks to give out these loans in the first place!
Oh well, that is enough politics from me for awhile, I prefer to just write code 🙂