Bailouts and the Government
Wednesday, July 23rd, 2008With the recent collapse of companies that participated in high risk mortgage lending both republicans and democrats have been fairly united in picking up the task of bailing out companies that participated in these risky transactions. I’m fairly perplexed by the near universal agreement on both sides of the aisle to bail out companies that make bad decisions while effectively ignoring Americans that made bad decisions by taking on these loans.
When an individual makes a catastrophic financial mistake when and where does the government step in to bail them out? In fact legislators and credit card companies took on the effort to pass bankruptcy laws that further hold individuals responsible for their bad debts by making it harder to disavow themselves of their loans. Where is the justice for Americans?
Bad businesses get bailouts while bad Americans get the finger? How long will Americans continue to stand for this abject favoritism?
If I were to go bankrupt and lose billions would the government turn around and lend you or me MORE money? Up is down and down is up but nary a peep from congress or the american people.
