Mknac’s Weblog

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No bailouts, not for anyone

Well the pigs are running to the Federal trough.  GM, Chrysler, Ford came the other day.  Citibank bellied up to the trough.  Fanny and Freddie are in line.  Who else is going to come to feed at the Federal trough filled with the taxpayer’s money; your money and my money?  Perhaps the airline industry, insurance industry, print industry, cattle associations or milk producers?  The line will never end.

We should let all these companies fail.  The auto industry foolishly entered into agreements with the UAW unions that forced them pass vehicle costs on to consumers in the form of higher car prices to pay for ridiculous UAW union worker wages and benefits.  Add to that perceived lower quality than other manufactures and building cars nobody wants to buy.  Why should we pay for this failure of all these highly paid experts?

As for Fanny and Freddie let them fail.  I’d like to have a large house but instead bought a condo I can afford.  I could have had a big house with a zero percent loan or no principal loan but I didn’t.  Banks that gave out loans to poor credit risk consumers should pay for their mistakes as should people who bought beyond their means.  No redos.  Corporations that bought band loans from banks too bad, eat your losses.

I wish someone would bail me out of my condo loan or my car loan or my student loan for graduate school.  Somehow I don’t see any bailout money coming my way or to any other normal person trying to make it.

Here’s an idea.  Take the bail out money what ever it ends up being and give it back to where it came from.  Yes, back to you and I the taxpayer.  It is our money to begin with.  Prorate it for everyone who paid taxes over a certain period.

We’d save the money, perhaps we’d invest it.  Maybe we’d spend it.  Perhaps we’d pay off our mortgage.  Maybe we’d buy a car from Ford, GM or Chrysler.  Let us put the money back in the economy where we want to rather than rewarding failure.

That’s how I think we should spend some 750 billion dollars.  Give back to those who created it in the first place.  We’ll spend it better than any faceless government or corporate bureaucrat.

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November 26, 2008 Posted by | social media | , , , , , , , , , | Leave a comment