Tuesday, September 9, 2008

Bailing Out Everyone

This is brilliant.

And what about the precedent the government would set? If we bail out
Detroit, where do we stop? The newspaper industry is in financial trouble
because more readers and advertisers are turning to the Internet. Newspapers are
good for democracy -- Thomas Jefferson said he would choose newspapers over
government, after all -- so shouldn't they get low-interest government loans to
help them adjust to the Internet? Of course not, and ditto for Detroit.

Bear Stearns? Check.
Fannie Mae and Freddie Mac? Check.
Detroit? Check.

You know what? I pay taxes. You pay taxes. We'll end up paying for all of these bailouts via our taxes.

So where's our check?


Shawmut said...

Interesting point on all the 'pail-outs' that could fall into precedent.
Think about it. The USSR went from total life-support bankruptcy to complete criminocracy in a little over ten years.
When the bailouts are exhausted where do we go?
Could be cyclical.
Great site, BTW. Cuz it's jez so real.

Jamie said...

Thanks, Shawmut. If I recall, you were my first comment when I switched over here to blogger . . .

Back on topic, I find it terribly galling that I'm expected to contribute tax dollars to support failing industries and ideas, while simultaneously working two jobs just to heat my home this winter.

You know, that does sound an awful lot like the USSR . . .

John said...

(You know, that does sound an awful lot like the USSR)

My friends, by the end of my first term, I hope to bring this economy back to rural China levels.

Yes, we can!

Yes, we can!

John in IL said...

The idea that Fannie Mae and Freddie Mac were privately held companies that were not part of the government is the biggest joke of all.