Stop the Bailouts
September 21, 2008
– Comments (5)
Leverage terrifed me about the banking system and the amount of money governments, in particular the fed also is of grave concern to me as I know what was sacrificed getting Canadian debt under control.
All I have known as an adult is high taxes cuts to social programs that were a free-for-all until I qualified for them. Some of the programs, despite missing out of them, I would really like to see come back, like tax write-offs for money saved towards a down payment. (Tax writes-off for mortgage debt should be abolished for the laisse-faire attitude towards debt it created.)
Anyway, everyone ought to have been gravely concerned about the level of federal debt before these bailouts. The level of debt was such that it already required huge changes with a lot of scarifice to bring it under control, and I already had concerns about the ability to bring it under control.
These bailouts, the socialization of risk which was not taken by taxpayers, make the problem beyond my comprehension.
Mish and Yves both have good write-ups about the bailouts. I think Mish's urging to contact your congress person about the issue is exceptional advice.
To me it would be better to have some retirement, school and health benefits for those who need them rather then do nothing but protect the wealthy. The wealthy can withstand a hit and whether they did due deligence on the risks or not ought to be their problem, not taxpayers.
What else really gets to me is that I've taken huge hits in my life and not once have I stood up and said someone else should pay for it that had nothing to do with it and I've watch other people take equal hits and get bailouts at tax payer expense. I don't mind taking my own hits, but I don't like the idea that I also pay for others to get bailed out.
Time to speak up for yourself because to do nothing is to say you don't mind paying...
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