There should be no argument from anyone that it's pretty disgusting to see AIG take taxpayer money from you and me, and uses it to reward failure by giving out more bonuses. These guys should never have gotten a dime from the government. This systemic failure is total nonsense; if a company fails let them fail. As a small business owner, I know that if I can't keep my doors open I'm not getting any free money.
HOWEVER - Don't start cheering when Chris Dodd and Nancy Pelosi start talking about taxing these bonuses at such a high rate rate that they get all the money back. Or Barnie Frank saying "We should start exercising our ownership rights." or that "We should take over the company."
The government was stupid enough to give these losers money - no strings attached. You can't change the rules after the fact. And by supporting the government into doing targeted taxing, you're walking down ANOTHER slippery slope. How long before they decide that other companies or industries should also be taxed extra, for whatever reason they see fit? What happens when they go after you?
Next time, let them fail. You can't expect a failed company to take money from the government and be successful. How many success stories are there of people who took welfare money and started a successful business with it?
Incidentally:
Chris Dodd and Barack Obama Top Recipients of AIG Contributions
Will they get taxed excessively on this too?
Showing posts with label bailout. Show all posts
Showing posts with label bailout. Show all posts
Tuesday, March 17, 2009
Monday, January 12, 2009
We Don't Need Government to the Rescue
Today, President George W Bush said "And I readily conceded that I chucked aside some of my free market principles when I was told by chief economic advisers that the situation we were facing could be worse than the Great Depression".
Mr. President: I've argued for you when it was very unpopular to do so. You can take responsibility for recognizing we were at war when the rest of the so called civilized world just wanted to chant bumper sticker slogans. But today, I'm beyond dissappointed. First, whoever told you things could be worse than the Great Depression either lied or is an idiot. We're nowhere near breadlines and 25% unemployment. And anyone who believes this ridiculous TARP program that's trying to keep failed companies afloat has staved off an economic disaster can call me because I have a bridge to sell them. Try reading some memoirs of the Great Depression before making such ridiculous comparisons.
Next, nice to know you chucked aside your free market principles because things were looking bad. It's easy to have principles when things look good; try standing by them when things get tough. You certainly did that by sticking it out in Iraq and the Surge when the rest of the world said we lost. Obviously, there were no free market principles.
Now onto our incoming President-Elect. Recently, he told us that only government can get us out of the mess. Well, that's a slap in the face to every entrepreneur and hard working independent Americans. Most of us don't want government helping us, and we most certainly don't need the government to get us out of this. When there's adversity, there's opportunity. Has everyone in the government forgotten this? I hope none of you have.
Get ready for the biggest power grab you have ever seen on American soil. If Barack Obama and Congress get what they want, we're looking at a massive transfer of economic power from the private sector to the government. And we all know what a great job the government has done with managing the DMV, Social Security, etc.
This isn't Republican vs. Democrat. There aren't enough voices on either side of the aisle with any common sense. Everyone is afraid, everyone is going to vote for this economic takeover, and whenever things turn around, they just want to take credit for it. But things are going to be made much worse from this intervention, prolonging the misery. You can't avoid recessions, they're part of the free market.
This is still a democracy. When the time comes for the Great American Bailout Plan, where trillions of dollars of money we don't have gets proposed in the name of "saving the economy" - I hope you're ready for battle. Make sure you call your Congressmen and Congresswomen, and let them know this is not what we want. They don't listen to us because they represent us; they listen to us because we can vote them out if we have half a brain. I hope we do.
Write Your Representative
Contact Your Senator
Mr. President: I've argued for you when it was very unpopular to do so. You can take responsibility for recognizing we were at war when the rest of the so called civilized world just wanted to chant bumper sticker slogans. But today, I'm beyond dissappointed. First, whoever told you things could be worse than the Great Depression either lied or is an idiot. We're nowhere near breadlines and 25% unemployment. And anyone who believes this ridiculous TARP program that's trying to keep failed companies afloat has staved off an economic disaster can call me because I have a bridge to sell them. Try reading some memoirs of the Great Depression before making such ridiculous comparisons.
Next, nice to know you chucked aside your free market principles because things were looking bad. It's easy to have principles when things look good; try standing by them when things get tough. You certainly did that by sticking it out in Iraq and the Surge when the rest of the world said we lost. Obviously, there were no free market principles.
Now onto our incoming President-Elect. Recently, he told us that only government can get us out of the mess. Well, that's a slap in the face to every entrepreneur and hard working independent Americans. Most of us don't want government helping us, and we most certainly don't need the government to get us out of this. When there's adversity, there's opportunity. Has everyone in the government forgotten this? I hope none of you have.
Get ready for the biggest power grab you have ever seen on American soil. If Barack Obama and Congress get what they want, we're looking at a massive transfer of economic power from the private sector to the government. And we all know what a great job the government has done with managing the DMV, Social Security, etc.
This isn't Republican vs. Democrat. There aren't enough voices on either side of the aisle with any common sense. Everyone is afraid, everyone is going to vote for this economic takeover, and whenever things turn around, they just want to take credit for it. But things are going to be made much worse from this intervention, prolonging the misery. You can't avoid recessions, they're part of the free market.
This is still a democracy. When the time comes for the Great American Bailout Plan, where trillions of dollars of money we don't have gets proposed in the name of "saving the economy" - I hope you're ready for battle. Make sure you call your Congressmen and Congresswomen, and let them know this is not what we want. They don't listen to us because they represent us; they listen to us because we can vote them out if we have half a brain. I hope we do.
Write Your Representative
Contact Your Senator
Friday, December 12, 2008
7+ Trillion Wrongs Don't Make 15 Billion Rights
We passed 800 billion to go to a bunch of execs that sit around pushing money around on spreadsheets who thought sub prime mortgages were a good investment. They're even getting bonuses!
The FED is printing and lending trillions of dollars, and not even disclosing where the money is going.
So what's another 15 billion for some automakers who are bloated with corruption, private jets, and unions that have negotiated the sweetest deal in history (for its workers).
Everything is wrong with it. It's time for the government to understand they're making this situation worse with their intervention. The bailout is only creating an environment where success is punished and failure is reinforced with more money, so they can continue to fail.
Government: Get out of the way now. What are you trying to avoid, a recession? Too late. We're in hard times, this country was built on hard times. You can't have good times if you don't have the opportunities created by bad times. Name one country that experienced long term economic growth from government micro-management.
It's time for a little pain and purging. It's going to hurt, a lot. Then there is going to be opportunities like we've never had before. The little guy can't outsmart and outperform the big guy if the government is propping up the big guy with trillions of dollars and calling them too big too fail.
The FED is printing and lending trillions of dollars, and not even disclosing where the money is going.
So what's another 15 billion for some automakers who are bloated with corruption, private jets, and unions that have negotiated the sweetest deal in history (for its workers).
Everything is wrong with it. It's time for the government to understand they're making this situation worse with their intervention. The bailout is only creating an environment where success is punished and failure is reinforced with more money, so they can continue to fail.
Government: Get out of the way now. What are you trying to avoid, a recession? Too late. We're in hard times, this country was built on hard times. You can't have good times if you don't have the opportunities created by bad times. Name one country that experienced long term economic growth from government micro-management.
It's time for a little pain and purging. It's going to hurt, a lot. Then there is going to be opportunities like we've never had before. The little guy can't outsmart and outperform the big guy if the government is propping up the big guy with trillions of dollars and calling them too big too fail.
Monday, December 8, 2008
Transportation Bailout Scenario
Not too long ago in our history, a major manufacturer of vehicles that were widely used were going out of business. There were many factors such as competition and difficult economic times.
Employees lost their jobs and companies went out of business. It was a pretty sad story for an industry that served so many for so long.
But these companies didn't get a bailout. If they did, we'd all still be driving horses and buggies.
Employees lost their jobs and companies went out of business. It was a pretty sad story for an industry that served so many for so long.
But these companies didn't get a bailout. If they did, we'd all still be driving horses and buggies.
Tuesday, November 11, 2008
My Bailout's Bigger than yours
Fed Defies Transparency Aim in Refusal to Disclose
Ben: Hey Hank! Good to see you. This round’s on me.
Hank: Oh no, I’m buying – I just got an 800 billion dollar bailout deal.
Ben: Wow, look at you. Not bad for a cabinet member. But you can’t compete against the Fed.
Hank: No? How are you going to top 800 billion?
Ben: Try 2 trills.
Hank: Yeah right. I watched C-Span all month, not a single mention of giving 2 trillion to the Fed.
Ben: Yep, that’s the best part. No congressional oversight, no vote.
Hank (staring incredulously): You’re serious aren’t you? Do you realize I had to get on my knees in front of Nancy just to get 800 billion, and you more than double that?
Ben: That was great, I still have that picture in my phone. And it’s 2.5 times more, to be precise.
Hank: Two trillion? Where’d you get that kind of cash? They’re talking about massive tax hikes just for mine.
Ben: Easy, I just print the money. I got a great deal on a high speed color laser printer. I printed 50 billion last night for an auto company, it only jammed once!
Hank: Sweet. And no tax hike.
Ben: Yep, just mass inflation. Just think, this beer you’re drinking will probably cost about $900 at some point. It'll resolve the mortgage crisis too, since $500,000 won't even buy an SUV at the rate I'm printing.
Hank: Who are you lending it to?
Ben: That’s another thing, I don’t have to say.
Hank: This is too good to be true! But you can tell me, right?
Ben: I can but…
Hank: C’mon Ben. Remember that press conference when that reporter asked me if the Federal government could make money from this deal, and you were in the back trying to get me to laugh? You owe me!
Ben: Alright, next time.
Hank: Fine, I gotta go anyway.
Ben: Where to?
Hank: I need to wash Nancy’s car.
The above was a fictional satire. Any references to names, numbers, and economic situations are purely coincidental.
Ben: Hey Hank! Good to see you. This round’s on me.
Hank: Oh no, I’m buying – I just got an 800 billion dollar bailout deal.
Ben: Wow, look at you. Not bad for a cabinet member. But you can’t compete against the Fed.
Hank: No? How are you going to top 800 billion?
Ben: Try 2 trills.
Hank: Yeah right. I watched C-Span all month, not a single mention of giving 2 trillion to the Fed.
Ben: Yep, that’s the best part. No congressional oversight, no vote.
Hank (staring incredulously): You’re serious aren’t you? Do you realize I had to get on my knees in front of Nancy just to get 800 billion, and you more than double that?
Ben: That was great, I still have that picture in my phone. And it’s 2.5 times more, to be precise.
Hank: Two trillion? Where’d you get that kind of cash? They’re talking about massive tax hikes just for mine.
Ben: Easy, I just print the money. I got a great deal on a high speed color laser printer. I printed 50 billion last night for an auto company, it only jammed once!
Hank: Sweet. And no tax hike.
Ben: Yep, just mass inflation. Just think, this beer you’re drinking will probably cost about $900 at some point. It'll resolve the mortgage crisis too, since $500,000 won't even buy an SUV at the rate I'm printing.
Hank: Who are you lending it to?
Ben: That’s another thing, I don’t have to say.
Hank: This is too good to be true! But you can tell me, right?
Ben: I can but…
Hank: C’mon Ben. Remember that press conference when that reporter asked me if the Federal government could make money from this deal, and you were in the back trying to get me to laugh? You owe me!
Ben: Alright, next time.
Hank: Fine, I gotta go anyway.
Ben: Where to?
Hank: I need to wash Nancy’s car.
The above was a fictional satire. Any references to names, numbers, and economic situations are purely coincidental.
Monday, September 29, 2008
The Other 630 Billion
News Flash!
Today the Federal Reserve injected a total of 630 billion dollars in the financial system in an effort to alleviate the lack of liquidity.
So while Congress is fighting back and forth over this bail out plan (or rescue plan, depending on which spinster you talk to), two miles away the Federal Reserve found 630 billion dollars and threw it into the market.
Odd how this story is being so widely ignored while the crash and burn of the 700 billion bailout makes the headlines. Is this 630 billion not as important as the other 700 billion? The 630 billion wasn’t here this morning – it’s being printed on high powered color printers as we speak.
No vote, no debate. Now we know who’s really running the Country.
Today the Federal Reserve injected a total of 630 billion dollars in the financial system in an effort to alleviate the lack of liquidity.
So while Congress is fighting back and forth over this bail out plan (or rescue plan, depending on which spinster you talk to), two miles away the Federal Reserve found 630 billion dollars and threw it into the market.
Odd how this story is being so widely ignored while the crash and burn of the 700 billion bailout makes the headlines. Is this 630 billion not as important as the other 700 billion? The 630 billion wasn’t here this morning – it’s being printed on high powered color printers as we speak.
No vote, no debate. Now we know who’s really running the Country.
Friday, September 26, 2008
Rome is not burning
At some point in our lives we've found ourselves being forced to make a decision out of fear. When we take a step back and look at the issue with a more rational lens, we see things quite differently. On the other hand, when we let fear motivate our decision we often find out later on just how bad of a decision we made.
This is where we stand today, with our esteemed leaders irresponsibly running around crying the sky will fall on Monday if we don't take 700 billion tax payer dollars and throw it at a problem. I don't buy it, and I'm far from alone.
While Congress, Paulson and the President plot to spend our money, take away whatever is left of capitalism, and still not have an inkling of a real solution, JP Morgan buys out Washington Mutual. Like Bear Sterns, JP Morgan got a great deal - this is the free market in action. This buyout did not cost taxpayers a dime.
So where's this 700 billion coming from? Two sources - our taxes or they're going to print more money. Is a massive tax hike or long term inflation in order to bail out companies that only deserve bankruptcy a better alternative than a recession that will likely occur anyway?
This 700 billion will be one of the largest government expansions ever, and we don't want our financial markets turning into the DMV. I'm not saying stand back and let Rome burn. But with buyouts like Merrill Lynch and WAMU happening on their own, let's not rush to interrupt the free market from correcting itself when there's still companies out there who can recognize an opportunity in the face of adversity.
If you agree, contact your congressman or congresswoman and let them know to slow down their 700 billion shopping spree.
This is where we stand today, with our esteemed leaders irresponsibly running around crying the sky will fall on Monday if we don't take 700 billion tax payer dollars and throw it at a problem. I don't buy it, and I'm far from alone.
While Congress, Paulson and the President plot to spend our money, take away whatever is left of capitalism, and still not have an inkling of a real solution, JP Morgan buys out Washington Mutual. Like Bear Sterns, JP Morgan got a great deal - this is the free market in action. This buyout did not cost taxpayers a dime.
So where's this 700 billion coming from? Two sources - our taxes or they're going to print more money. Is a massive tax hike or long term inflation in order to bail out companies that only deserve bankruptcy a better alternative than a recession that will likely occur anyway?
This 700 billion will be one of the largest government expansions ever, and we don't want our financial markets turning into the DMV. I'm not saying stand back and let Rome burn. But with buyouts like Merrill Lynch and WAMU happening on their own, let's not rush to interrupt the free market from correcting itself when there's still companies out there who can recognize an opportunity in the face of adversity.
If you agree, contact your congressman or congresswoman and let them know to slow down their 700 billion shopping spree.
Friday, September 19, 2008
The end of Free Market Capitalism
If you're watching CNBC, Fox Business or any other financial channel you're hearing the same mantras every day.
"We had to bail them out, otherwise there would have been a major financial meltdown."
"This is the purpose of the government, when the free market loses control."
WRONG AND WRONG.
The essential purpose of the free market is you have good times, and you have bad times. The mortgage and financial companies make irresponsible decisions. If you and I operated like they did we'd be in debt up to our ears with no lifeline. All because we're not "too big to fail".
So what's the moral of this? If you're going to make irresponsible decisions, just make sure you do it at a magnitude that can hurt the maximum amount of people possible. If you do it any less, nobody cares to help you. Just make sure you're too big to fail.
So, now that the government comes in and buys up all the debt. No big deal, they'll just print some more money. All the financial institutions face no punishment for their decisions, and get to do it all over again. You and I get to pay this for the rest of our lives.
Welcome to the United Socialist Republic of America.
"We had to bail them out, otherwise there would have been a major financial meltdown."
"This is the purpose of the government, when the free market loses control."
WRONG AND WRONG.
The essential purpose of the free market is you have good times, and you have bad times. The mortgage and financial companies make irresponsible decisions. If you and I operated like they did we'd be in debt up to our ears with no lifeline. All because we're not "too big to fail".
So what's the moral of this? If you're going to make irresponsible decisions, just make sure you do it at a magnitude that can hurt the maximum amount of people possible. If you do it any less, nobody cares to help you. Just make sure you're too big to fail.
So, now that the government comes in and buys up all the debt. No big deal, they'll just print some more money. All the financial institutions face no punishment for their decisions, and get to do it all over again. You and I get to pay this for the rest of our lives.
Welcome to the United Socialist Republic of America.
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