In addition to registering my displeasure concerning the economic bailout package, I sent this to Senator Corker (I also sent similar messages to Senator Alexander and Representative Wamp).
—
Dear Senator Corker,
I encourage you to oppose the economic bailout proposal that is currently on the table. Your US Senate web site states that promoting fiscal responsibility is one of your priorities, and not bailing out these businesses that have made poor choices and are now facing failure as a result is the only fiscally responsible thing to do.
For almost 200 years now, starting after the War of 1812, our government has bailed out banks that recklessly lent money. Because our government has shown a willingness to try to exempt such businesses from the consequences of their poor business decisions, we have created an industry that knows that there is a higher-than-normal probability that they will not have to face such consequences. As a result, we have an environment where banks that would lend and do business responsibly are at a competitive disadvantage, and are thus punished for their wise decisions.
As a nation we are now facing the consequences of our poor choices to bail out banks time and again. The era of easy credit has resulted in a “false boom” and we collectively owe more money than we ever have any hope of repaying. We must allow these banks and businesses to fail, and allow the economy to return to its natural state.
Allowing the banks to fail will, of course, be a painful choice. It is going to hurt every citizen of our nation. However, like the proverbial spoiled child who has never been told “no” … somebody needs to step in and make the hard, unpopular choice.
This economic bailout package will simply keep us on the same path we’re already on. It may temporarily delay the inevitable economic correction that we are going to experience, but it will only make it worse when it arrives.
Again, I urge you to take a strong stand against this package.
Best regards,
Jeremy Clifton
Latest Comments
RSS