No Bailout, It’s For The Children
It’s a time-honored tradition among the proponents of big government to justify any expansion of government power, or any expansion of government spending, with an “it’s for the children” argument. Because where our children are concerned we just can’t say no, right?
Well I’m about to use an “it’s for the children” argument to justify opposing any bailout of the financial industry.
I think the time has come for us to admit that no bailout, no matter how artfully crafted, is going to save this country’s financial industry from a crash. No matter how we do it, if we save these companies from themselves and if we bailout the people who took on more loan obligations than they could pay for, all we’re going to do is reward their irresponsible behavior. And creates an expectation for more bailouts in the future.
Both of which will, in turn, perpetuate the sort of behavior that got us into this mess to begin with.
So I say enough is enough. Let’s let these companies fail instead of bailing out their ridiculous behavior. Let’s face the economic hardships that will go with such a failure now instead postponing it for a few decades so that our children are forced into the same position we are.
Update: Stephen Bainbridge:
Politicians, bloggers, and pundits celebrating the bill’s failure don’t seem to get just how much trouble we’re still in.
No, I’m quite aware of how much trouble we’re in. But I’m not willing to kick that trouble down the road a couple of miles so that my kids end up facing it instead of me.
Tags: Domestic Issues, Politics
SA Attorney,
I won’t disagree with the economic benefits of eliminating the tax on Capital Gains altogether, but a more reasonable and achievable goal would be to make the Bush tax rate cuts permanent while indexing cap-gains for inflation, and then lowering the corporate tax rate.
Let me fix that for you Rob.
It’s for the politician’s slush fund!
Yeah sure “it is for the children”. No way can truthfully be for them.
For certain reason I think this would work.
Eliminating the capital gains are the best.
Mr. Salmony,
Given the obvious depth of your feelings on this subject, perhaps you should focus your attention first on our Social Security “Ponzi scheme” and those responsible that rapacious tax on all of us… particularly in the last 40 years since the advent of “unitary budgeting.” Hmmm?
Real issues, and straight talk for a change, about a $700 billion dollar bail-out as well as abject failures of one generation to accept responsibility for its own patently unsustainable behavior.
Have the self-proclaimed Masters of the Universe among us adopted a behavioral repertoire characterized by unconscionable super-human greediness, the likes of which this world we are blessed to inhabit has never before endured and cannot much longer sustain?
What is to become of our children, whose future is being mortgaged once again this week and threatened more seriously with every passing day?
When is my not-so-great generation of rapaciously consuming and relentlessly hoarding elders going to stop its disturbing behavior of dropping problems of our own making into the laps of our children?
The financial engineers who manufactured the spurious business models and Ponzi-like schemes that are undermining the functioning of the global economy today need to take some responsibility for their greedy behavior rather than pass along the colossal debt derived from their subterfuge for our children to repay.
Steven Earl Salmony
AWAREness Campaign on The Human Population, established 2001
http://sustainabilitysoutheast.org/index.php
Eliminate the capital gains and corporate income taxes; problem solved!
Expectations are for those outside of the beltway, precedents and mandates transfer authority and responsibility from those outside the government and hand it to those within.
Outside of leaving an “s” off of “creates,” what was wrong with how I said it?