When I created and began writing this blog early this year I never intended to write on political topics. It was to be a humorous look at my life on the pond. But I never in my life would have seen the events of this fall...
What?! I was amazed at how quickly the government moved to craft the $700 billion bailout. I was against it and was honestly disappointed that John McCain was for it. Don't misunderstand me. You put more than six zeros behind a number and I can get overwhelmed so I am not a financial genius. But I do firmly believe that it is NOT the business of government to be in the business of business.
When Chrysler was bailed out in the 1980s I was too busy with trying to take care of my young family to pay too much attention but that might have set a bad precedent.
9/11/2001 created a national emergency that caused us to help out the airline industry. This was a special occasion it would seem.
Now, in recent days, the Treasury Secretary has changed the rules. The $700 billion will no longer be used to buy the bad mortgages but to buy stock in banks.
Now our congress is getting ready to rescue GM, Ford and Chrysler again. Now we know why the Unions spent $400 million on the Obama campaign.
I am furious with my government over this.
For businesses that run out of money there is an option called bankruptcy. When all efforts to keep a company running fail this is the only option. I had to go this route with my company in the 1990s when I failed.
When the fraud of WorldCom surfaced in 2002 and the company failed the government did not save the company. That bailout would have been a bargain. Bernie Ebbers failure was only $60 billion. Why, that is petty cash compared to the banking industry. And no CEO, accountant, or government oversight person has been charged with any crime in this . Bernie meanwhile sits in jail for the failure of WorldCom. He needs company.
If the government would have bailed out WorldCom I could have cashed my stock options and paid for my house as I had expected to do and not had the mortgage I am burdened with.
I have learned this fall that my predicament is the government's fault and they need to bail me out. Maybe I should stop making my mortgage payments?
I am wailing because this has to stop. I am notifying my congressman and senator that I expect them to vote NO on any further expenditures to save businesses. We must let free enterprise work. Let the consumer choose what products and services we believe to be worth buying. Let the market take care of itself.
Our forefathers came to America to get government out of their business. They must be turning over in their graves.
AMERICA, WAKE UP!!
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