Earl Bishop's "Letter to the Editor"
Submitted by Laharl on July 7, 2009 - 9:12am
I am confused, is this article trying to put America in the hands of the very people responsible for such honorable things as the events that led up to the bail out?
www.examiner.net/letters/x135741847/Government-is-not-the-best-answer
- Laharl's blog
- Login or register to post comments
Filed under:
Comments
Civil
Apparently the bodies that were in charge weren't enough and the government had to step in. What other alternative is there? Go from one failed private business owner to another until the bank or company is no more, or let the government, a body with far more resources and outlets, step in and clean up the mess the private sector caused. I can see where you say the government should step off, but the fact of the matter is, these private bodies grew to be so large that our economy, a major aspect of our government, hinged on their every breath and when they could breathe no more, SOMEONE, namly the other side of that coin, had to step up, or both the private and federal sectors would have fallen.
When one side fails, the other must compensate.
Had the government stayed out of it and allowed private enterprise to conduct its business as it has for over 200 years we would have been fine. There would have been failures, certainly, but as is usually the case others step forward and carry on. We don't have boondoggles as has occurred with GM and Chrysler where the government wastes billions to "save" a company only to see it fail anyway. We now have a "car czar" who has never run a business of any kind attempting to run GM while he drives around in his foreign import.
U know from the begining I said let em ALL fail, fannie freddie all of em and the natural sceam of things sort it out.
good busness people will rise, bad ones will fail and well get back to normal sooner...
Now were more that 3 Trillion in debt just in 6 months in office and it will be 10 in 4 years....
You are confused. The things that led up to the "bailouts" were CRA legislation passed during the Carter years and an amendment to it passed during the Clinton years. This legislation was instrumental in creating ACORN and allowed the coercion of banks to make risky loans leading to the sub-prime mess and the eventual collapse of Freddie Mac, Fannie Mae and others. Had government left the banking industry alone during this period sub-prime lending would not have developed, "toxic" bonds would not have been created and the banks would not have been saddled with so many noncollectable loans. A prime example of what happens when there is too much government interference in things they really don't understand. I want the government to stay out of private enterprise. I don't care if it is Democratic or Republican, I do not want the government owning banks, car companies, health care or any other entity that can be done better by a private entrepreneur.