Posted by
James Burns on Tuesday, November 11, 2008 4:47:27 PM
Just when you thought things could not get any worse. Our government is getting ready to throw money away and continue bailing out companies who have been financially irresponsible, in the eyes of the average person that is. So much bailout talk is making my head spin.
Yesterday it as announced that AIG will get another 150 billion dollars in bailout money. As this was announced, it was reported that AIG executives took another lavish trip. Oh yes on taxpayer money no less. But the Fed and good old Hank Paulson say AIG is to big to fail. Yes this may be true in his eyes, but the trips on my dime are to big to let go. Let them fail! They are to big that is the problem. There will be someone to come in and step in for them. There may be a few companies that will take over what they do. So then we won't have one company that will crash the market if it fails.
Next on the list are the Big Three. GM, Ford and Chrysler all looking for handouts. Why do they need handouts? They build cars that are way over priced for what they are anyway. They have known about the oil crisis for a long time know. In fact we all have. It actually started in the 1970's. But people forgot what happened then. The automakers retooled and made smaller, more fuel economical cars then. But since then large cars and fuel economy went out the window. It's been at least four years since oil and gas prices have steadily gone up. I think it really started with the big hurricanes in 2004. These events just started the opening of the eyes of some people. Many economist have been crying higher oil and gas prices since then. But yet the Big Three did nothing. No retooling, no full blown research into alternative fuel vehicles, etc. The other problem with the auto companies, the UAW. Now I wrote a post on unions and I am not against them. The problem is the UAW has demanded so much from the car companies and the car companies have given in. Basically this union is putting itself out of business. Maybe it needs to. Maybe these three need to fail as well. Some one will step in and fill the gap. Maybe the UAW will stop being so greedy and actually work for their members, instead of working to put them out of work.
Finally the average US citizen makes the list. Many people today are being hit hard with the credit crunch. Some because they have lived on their credit cards so much they cannot get out from under them. Others bought homes with "creative mortgages" and are know either so far upside down they are walkling away from their homes. Or their interest rates have gotten so high they can't afford them. Today on CNBC a commentator stated City Group and Fannie Mae were looking to restructure mortgages. But the funniest remark he made was "help the American public out from the debt burden they are in." This right here infuriates me. Who got you the American public into that mess, they themselves did. Taking loans that were financially irresponsible, running up huge credit card debt and so on.
What I see here is everyone wanted everything under the sun. No one wanted to work or cared how they would pay for it. No one looked at their business models and saw something wrong. Everyone has only started to see something wrong when the crap hit the fan. Unit then no one cared. The worst part is that the government is trying to dam the ever failing financial dike we have in this country. But all the bubble gum patches will not work. It is broke. Been broke for a long time. What need to happen now is allow the failures to happen. To allow those mentioned above to fail. Be responsible for their actions and pay or deal with what ever consequences come. But again taking responsibility for ones action in this country went out the window years ago. The audacity I have of thinking this way. I guess I will just stand in line and wait for my hand out, if they can why can't I. I am sure I can find a reason.