Monday, September 22, 2008

About that bailout

There’s something that’s been gnawing at me in terms of this massive financial bailout.

Actually, several things.

How much exactly is $700 billion? If you stacked them in a pile of $1 bills, how high would they go? If you placed them side by side, how far would they stretch?

One thing’s certain, you talk about it long enough, it starts adding up to real money.

That’s the point. It’s so big, it’s so unfathomable, it doesn’t seem real. It’s not the same as you not being able to pay your bills, or missing a mortgage payment. That is all too real. And it has real consequences.

In this case, maybe the whole thing can best be described as “heads I win, tails you lose.”

A lot of bankers and financiers who rode high for years while making questionable decisions and shaky loans, now stand to continue to benefit by this massive bailout that the American public will be paying off for years.

And one other thing. What ever happened to the mantra of the free market and small government. Have we not been told for years that government is too big, has become too involved in business, and that the key to a vigorous economy is deregulation, and a hands-off marketplace that allows the system to govern itself?

How has that worked out?

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