Why the Government Should Stay Out of the Private Sector
Share this Article
Twitter
Facebook
Delicious
Digg
Stumble
RedditAuthor:
Harrison
Tags:
Debt Democrats hypocrites Liberals Media Bias Obama socialism Spending stimulus taxesWith President Obama beginning his push for a another “stimulus” (estimated cost: $75-150 billion) here is yet another lesson why the Government should stay out of private affairs:
The Treasury Department is acknowledging for the first time that it lost $61 billion on two key programs designed to stabilize the economy after the largest financial crisis in decades.
The government is losing more than $30 billion on lifelines extended to insurance giant American International Group Inc., according to Treasury data released Wednesday in an audit by the Government Accountability Office. It also is losing more than $30 billion on rescues of struggling automakers Chrysler and General Motors.
The government did make $19.5 billion from the bank bailouts but that still brings the total loss to $41.5 billion. And what happened to GM? Big Union has a seat on its board, the Government-picked CEO was forced out, Chrysler was bought by Fiat, and the only U.S. automaker that is making money is Ford (through good luck) which did not take any Government monies.
What would have been the reaction of Democrats had a few banking executives lost $41.5 billion?
Did you like this article? Get new articles daily for free via RSS or Email.
3:51 PM
Apparently you didn’t get the memo. Making profits is evil. So the treasury dept. losing $40 billion is a virtuous act.
.-= Burro´s last blog ..Pariahs of Profit =-.
10:06 AM
Yes funny how when private industry does that it’s because of greed and speculation but when the government does it this somehow becomes noble!
10:02 AM
i guess the counter argument would be what would the total loss be to the economy?
don’t get me wrong, i’m just as outraged as everyone else is.
10:05 AM
You mean if nothing had been done what might have happened to the economy?
2:03 PM
JD: Yea, I think that those that supported the “stimulus” package and all the bailouts would probably use that line of argument. There is also the usual “lack of regulations forced out hand to do something” argument.
.-= vulcanhammer´s last blog ..Higher Taxes here we come! =-.
2:13 PM
oops-i blame lack of coffee.
my incomplete thought should have ended with “if there was no stimulus”.
of course, it kind of is a moot argument because we will never know.
12:38 PM
Taxes, the ones that are actually coming in these days, are being wasted without regard to those that are paying them. When I have a credit card that charges 30%, why didn’t they government charge the banks 33% like they banks charge their clients.
The answer is, the present administration is like all others, promises made in vain to get elected at the expense of EVERYONE in the United States.
We ask for responsible government, but the bottom line is, if that level of transparency existed, there would be elections every other month.
7:00 PM
Yes but with the credit cards you know in advance what the rate is because it’s in your cardholder’s agreement and, if you don’t like it, you can drop your card.