Okay. I’ve had it with the bailouts. My new personal position is that we scrap the bailouts and let things fail. Once enough has failed and the losers leave the market, we can begin to rebuild without the trillions in national debt. The latest news is that AIG has paid out over $170 million in bonuses and it was also revealed who some of the recipients of the AIG bailout money are.
Some of the top recipients:
Barclays of the UK
Deutsche Bank
BNP Paribas of France
Goldman Sachs
Bank of America
So, not only do we get to bail out very large institutions who took ridiculous risks, we also get to send a lot of that money to other countries. I wonder if they would do the same?
Bottom line is that I’ve had it. I haven’t really supported the bailouts up to this point but I’ve just gone along with the “smart” people’s advice. No more.
I think we’d be better off if we simply let all the players fail and then move on. I think you’d find that the stock market would respond once they understood what the score is. There are hundreds and hundreds of financial institutions out there that made good business decisions. It’s time that they got to reap the rewards of managing their business in a responsible way by getting many new customers as the losers crash.
This idea that we can just throw trillions of our money at these institutions is just crazy!
No more bail outs please