A recent controversy is over whether or not the government should bail out homeowners, who took out risky loans they couldn’t afford and lost their homes when the housing market tanked, and the banks which gave out these loans and are now going bankrupted because of the borrowers inability to pay them back. Politicians, especially the liberal left, have vilified the bankers as aggressive lenders who want nothing more than to make a cheap buck off the backs of hard working middle class Americans, saying they are acting unethically by taking away the houses of those who can’t afford to live in them. The left thinks it is the governments job to bail out these “hard working” Americans. At the same time president Bush wants to bail out the banks that are going out of business because of this.
Here’s a thought, no one deserves any government money. There, I said it. These “hard working” middle class Americans who took out these loans knew they couldn’t afford to pay them back and are simply irresponsible. It is not the banks fault that they lost their homes; it is not the fault of greedy powerful men rubbing their palms together at the thought of putting people out of their homes. The blame is to be laid mainly on the backs of those who took out the loans in the first place. To bail out these people would not only be an unconstitutional use of federal funds (I defy you to show me the justification in the constitution for such a move) but also rewarding irresponsible and reckless behavior. This is the precedent the government set back in the 1930’s when President Roosevelt began bailing out irresponsible Americans who lost their wealth in the stock market. There was no constitutional justification then, and there is no constitutional justification now.
But it is equally wrong to bail out the banks which made these loans. These banks knew that those taking out these loans were risky customers who might not be able to pay back all the money they owned, and yet still thought it good business to lend them money for a home. Is it any wonder these banks are going out of business? With such reckless business ethics I’m surprised it hasn’t happened sooner? Is it any wonder at all? Bailing out irresponsible citizens is wrong, but bailing out incompetent businesses is equally wrong. These lenders deserve to go out of business and allow other, more competent competitors to take over.
If a business fails in the free market then it is only because consumers have found it lacking and have moved on to other, more desirable businesses or because the company has acted in a way which caused its own destruction. In the world of capitalism, the losing business would be forced to improve its product to compete, or else it would die. This is how it should work. Incompetent businesses die out leaving only the strongest. Survival of the fittest isn’t just an evolutionary term, it also applies to economics. It is when the government interferes with the free market where our problems begin. You want to know why airlines are so horrible to ride? It is because every time they lose money and are threatened with bankruptcy they appeal to the government for money and get what they want. Face it, the airline companies are incompetent but they get away with it because instead of being forced to improve for fear of death, they simply get money from the government which allows them to minimize improvements.
I say no more! The government has NO business interfering with the private market. Let these incompetent businesses die and allow better ones to take their place. Let us learn a lesson from the irresponsibility of our fellow citizens. Do not appeal to the government for help for it has no constitutional right to do so.
Here’s a thought, no one deserves any government money. There, I said it. These “hard working” middle class Americans who took out these loans knew they couldn’t afford to pay them back and are simply irresponsible. It is not the banks fault that they lost their homes; it is not the fault of greedy powerful men rubbing their palms together at the thought of putting people out of their homes. The blame is to be laid mainly on the backs of those who took out the loans in the first place. To bail out these people would not only be an unconstitutional use of federal funds (I defy you to show me the justification in the constitution for such a move) but also rewarding irresponsible and reckless behavior. This is the precedent the government set back in the 1930’s when President Roosevelt began bailing out irresponsible Americans who lost their wealth in the stock market. There was no constitutional justification then, and there is no constitutional justification now.
But it is equally wrong to bail out the banks which made these loans. These banks knew that those taking out these loans were risky customers who might not be able to pay back all the money they owned, and yet still thought it good business to lend them money for a home. Is it any wonder these banks are going out of business? With such reckless business ethics I’m surprised it hasn’t happened sooner? Is it any wonder at all? Bailing out irresponsible citizens is wrong, but bailing out incompetent businesses is equally wrong. These lenders deserve to go out of business and allow other, more competent competitors to take over.
If a business fails in the free market then it is only because consumers have found it lacking and have moved on to other, more desirable businesses or because the company has acted in a way which caused its own destruction. In the world of capitalism, the losing business would be forced to improve its product to compete, or else it would die. This is how it should work. Incompetent businesses die out leaving only the strongest. Survival of the fittest isn’t just an evolutionary term, it also applies to economics. It is when the government interferes with the free market where our problems begin. You want to know why airlines are so horrible to ride? It is because every time they lose money and are threatened with bankruptcy they appeal to the government for money and get what they want. Face it, the airline companies are incompetent but they get away with it because instead of being forced to improve for fear of death, they simply get money from the government which allows them to minimize improvements.
I say no more! The government has NO business interfering with the private market. Let these incompetent businesses die and allow better ones to take their place. Let us learn a lesson from the irresponsibility of our fellow citizens. Do not appeal to the government for help for it has no constitutional right to do so.
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