March 5, 2009

I don’t know about you, but I’m getting pretty tired of the steady drumbeat of banking institutions, insurance companies, and American automakers either on the verge of collapse, in need of another bailout, or both. Last fall, when the first shoes dropped in the form of Bear Stearns, Goldman Sachs, and AIG, all we heard was the bleating hearts of Wall Street and Washington crying, “We can’t let them fail!”, or, “If we let them fail there will be a collapse like nothing you’ve ever seen before!”, or (in the case of GM), “They’re too big to allow to fail!”

So what did George W. Bush – that latter-day Herbert Hoover whose presidency looks more and more with each passing like the disaster it truly was – do? He started the gravy train of bailouts we continue to see to this day, handing out millions upon millions of taxpayer dollars to Wall Street fat-cats and failing institutions as if they were Nibble Rings to the Richard rabbits. And like the latter, all they did was gobble them up and beg for more.

Like Dr. Phil is wont to say, so how’s that workin’ out for ya?

I’ll mince no words here. What President Bush ought to have done then, and what President Obama ought to do now, is let them fail. All of ’em. AIG. Morgan Stanley. GM. Bank of America. Citibank. Let them know what bankruptcy means and what getting your financial house in order for the creditors and bankruptcy judges means, and send a message to the entire financial establishment out there that the government is not going to continue to prop you up anymore at the expense of the American taxpayer, American investors, and the nation’s economic well-being and future.

I mean, where does it all end? Do you just keep printing money? Where are you gonna get it from? And at what expense to the nation’s future? At what point does propping up these failing and failed institutions compromise our ability to keep truly vital financial institutions like the FDIC and critical government programs like Social Security and Medicare solvent?

You see, I don’t believe anyone anymore. I don’t believe that allowing any of these big names to fail will do any greater harm than this slow, sad decline to who-knows-where we are currently experiencing. I don’t believe keeping homeowners in foreclosed homes or close-to-foreclosed homes has any lasting benefit to the housing market. Let these companies fail, and let these homeowners find rental properties they can afford. Then let the market forces and good old-fashioned American ingenuity take care of the clean-up. It’ll happen, I guarantee.

If you don’t believe me, if you think I’m just another mean-spirited, conservative supply-sider spouting Republican talking points, ask yourself this question: what happens trillions upon billions of dollars later if after all these bailouts we’re still in the same mess? Has anyone thought of that?

The strategy employed thus far by the Bush and Obama administrations seems both without thought and without end. Keep dialing for dollars until we come up with a better solution. The markets know this, and the American taxpayer senses it and sees it for what it is – that’s why there’s no confidence out there. And until a definitive action is taken, one that says to all those companies, people, and politicians lining up with their tin cups, ‘NO MORE!’, it will continue to remain that way.

I see the current economic situation as a boil that needs to be lanced. The whole thing has become infected to the point where the entire body is feeling the pain. Well it’s time to lance that damned boil – sure, it’ll be painful, and there’ll be a lot of blood and ugly puss that comes out, but at least it will be done with and the process of healing can begin.

Until then, all we’ll be doing is experiencing death by a thousand small cuts, with no end in sight. President Obama, be bold and be decisive – after all, you’re the only one right now who can do it. Stop the insanity and stop the damned bailouts, and let’s start getting this country’s shit together.

Filed in: Uncategorized by The Great White Shank at 23:13 | Comments (3)
  1. As I listen to the tv news I am struck with what would I do if suddenly I no longer had a job or income. There is a home up the street that is going into forclosure and driving the value of all our homes down. I bought my home at an amazing price and live in an area where real estate values are the highest in the county and my hope has been that the value of my home will continue to increase…not so sure now. I am thankful for being self employed and having a career that provides me at least enough to pay the bills…recently, my hours I bill have dropped to half of what I usually work which means I am getting half my income. I pay 35% in taxes…subtract that from my weekly deposits…there ain’t a lot left. Patients can barely afford their copays anymore and forego therapy for gas or food. We all are impacted by this ugly snowball effect. Good people who work hard, pay taxes should not have to lose their jobs/income because the executives of their company were driven by greed and excess. The hourly worker is the first on the chopping block. That is just wrong.

    Comment by Jana — March 6, 2009 @ 5:41 am

  2. Can’t agree with you more there, Jana. But here’s your problem: 1. You bought a house you knew you could afford, and 2. Even if you bought a house you couldn’t afford, you didn’t compound your problem by taking out a second mortgage so you could install new flooring and granite countertops and a pool.

    Because if you had done either you could stop paying your mortgage and wait for Uncle Obama’s Happy Bailout Plan. The people that work hard and pay their bills responsibly are the ones getting screwed. In fact, it came out today that 1 in 9 are behind in their mortgages. But let’s turn that number around – 8 of 9 ARE paying their mortgages responsibly, and Obama wants them to take care of the irresponsible jackasses. It’s freakin’ absurd – whether you’re a Democrat, Republican, liberal, or conservative.

    Comment by The Great White Shank — March 6, 2009 @ 9:43 am

  3. What will happen once trillions are spent and nothing improves, is that the Dems will simply say, “We had the right idea, we just didn’t spend ENOUGH!”

    And they’ll do it all over again, and again, and again . . .

    Comment by Dave Richard — March 6, 2009 @ 7:12 pm

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