Faith and Facts

The Federal Government is going to bailout AIG and Fannie/Freddie. This is nightmare. Is this even legal? President Bush, McCain, Obama, Senators, Representatives have all lost their minds!

It is important to understand exactly what is happening. The government is using your money to buy the bad assets of various companies.  Yes, they are calling it a loan. No, the loans will never be repaid because the underlying assets are not worth anything. How do I know? If they were worth anything the company would not be in trouble in the first place!

This is an inflationary nightmare that encourages thievery and/or mismanagement by corporate insiders and just postpones the inevitable bubble that MUST take place. Have any of these goofballs ever even read about the basic principles of economics? Automakers will be next and eventually it will make its way into inefficient technology companies. Higher taxes, bigger debt and higher interest soon to follow.

Besides, who gave anyone permission to spend my tax dollars in a bailout of this sort?  Michelle Malkin calls it the Death of Fiscal Conservatism. Newsmakers says Get Ready for an Enormous Tax Bill.

The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. Thomas Jefferson

A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess of the public treasury. From that time on the majority always votes for the candidates promising the most benefits from the public treasury, with the results that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. Sir Alexander Fraser Tyler

“When a self-governing people confer upon their government the power to take from some and give to others, the process will not stop until the last bone of the last taxpayer is picked bare.” Kershner’s First Law.

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Filed under: Democracy, Economy