Monday, October 6, 2008

Bailout Confusion

Loathe as I am to admit that there is a subject that I don't fully understand, this bailout thing has me somewhat confused. If, as some people say, the credit crisis is the result of the Clinton administration forcing banks to make bad loans just so more minorities and other non-bill payers can "own" a home, then the banks deserve to be bailed out. If, as others say, the credit crisis is caused by greedy bankers taking advantage of a government backed program, the banks should be allowed to fail and those in charge should be prosecuted. Either way, morons who purchased more house than they could afford should be out on their asses. Wal-Mart sells tents. Goverment intervention in private business is something to be avoided in all but the direst of circumstances and the following quote points to the reason why.

"The American people will never knowingly adopt Socialism. But under the name of "Liberalism" they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened." - Norman Thomas, six time presidential candidate for the Socialist Party of America.

Note: Brigid, over at Home on the Range has an excellent quote from Andrew Jackson concerning crooked bankers.

1 comment:

King Selfish said...

My dad used to say that he didn't trust anyone who didn't drink beer. He was just smart that way. Well, I don't trust anyone who claims to fully understand the 2008 financial meltdown. That said, I'm convinced this mess was created by liberal politicians and now they're sitting back enjoying the show as Obama's poll numbers rise on the tide of economic woe.