I Eat Bear

We all know who should have been going bankrupt. Lehman, AIG, Bear Stearns, Citi, GM and some more. Those are a pretty elite group. But. let me add one more here, that is now not to be outdone. The US GOVERNMENT!

This blundering group of idiots (congress) now has us on the hook for a 6+ TRILLION (yes with a "T") dollar bailout. In the name of what? Well, let me tell you. It is not the taxpayers, like you and me. In the end, that debt has to be repayed, and it will be the taxpayers that do it. In the mean time, the governement just prints more money, and says we are keeping people in jobs?

Horse pucky!

Yes, the government has been extending some unemplyment benefits, and that is a government function. It is one of a very few things they have gotten right so far. That is about the limit of what the government stimulus packages should be. Providing jobs, job training, and employment and social (medical and social security) benefits the government should be doing.

This idea that they can save the world by bailing everyone out can only be a misearble failure.
First, it can not be implemented fairly. Bail one, then you should have to bail all. They have no intention to bail all. This idea of "too big to fail"? Who came up with this foul stinking theory? Something else from the south end of a northbound horse. And yes, we have the horses asses in congress doing all the dirty work.

Do they really think the world economy would fail? Do they think the US economy would fail?
The answer to both of those question is an undeniable NO! What then is the fear? Is it housing that is the problem? No, but it is a symptom of the problem. It may have gone so far as to cause the problem.

Is it the investment houses? No, we have seen the run on stocks forcing stock prices to rock bottom, or very near it. But, I do still contend many of the funds are guilty of collusion, and should be abolished.

All of these are problems, no doubt. But, the government's big fear, is it's favorite son industry.
Banking to be quite specific. Why? Unlike stocks, which are a tangible assets, banks hold money, which has become an INTANGIBLE ASSET. The money the banks hold, is a fraction of the money people have allowed banks to manage. And, a run on banks, where everyone pulls money out at the same time, would not only bankrupt the bank, but probably the FDIC too. Now, the FDIC is the depositor insurance, and it is government backed. So, we have come full circle. Banks fail, and who is to collect from the loans they had outstanding? Creditors,, if they had a way to get it done. Yes, the original depositors, but only through the pitance the courts hands back as a result of the banks bankrupcy proceedings. Now you have seen what one simple bank bankrupcy can do, multiply that times ten thousand, or more. Yes, that is what the government is really on the hook for, and so afraid of.

None of us are so niave as to believe they really care about taxpayers. We know they don't. It is time to not be considered a taxpayer, and to be considered a human being.

Some of you would imply I am thinking only of the US, and this problem is global. It well may be a global problem. But, the problem got there without the assistance of the governments, and it could and should be cured in the same manner. Quite simply, let markets do what they do, and STOP INTERFERING!

Let bad companies fail like they are supposed to!

If the government needs that 6+ TRILLION to support the FDIC, then at least that is a real government function. The government does not need to be in the private sector AT ALL, beyond some MINIMAL government regulations! And, even that they botch. Like I said before, most hedge funds are nothing but collusion, and that is outlawed everywhere else.

We do not need more government, we need less of it. But, if this was a horse race to be run in a backwards fashion, I am pretty sure I know which horse's ass would finish first.

Comments: View Comments |  Monday December 1, 2008