I believe that when things go bad, you pull yourself up by your boot straps and you take care of it yourself. For the most part (if I ignore my twenties), I've followed this my whole life. Even while I was still in college and hadn't completed my degree, I worked to pay off my student loans.
Now, I'm sorry the people who work for these financial companies are going to lose their jobs, but let the companies fail. By bailing out AIG, we're sending the wrong message to companies. Take big risks and if you're large enough, the government will bail you out so you don't lose your shirt. Well, maybe, they should lose their shirts. The government wouldn't be bailing me out if I overextended on my credit cards, took out a second mortgage on my house (that's what an equity line is no matter what they tell you) and racked up huge bills. No one would be walking around to hand me money, so why should my tax dollars be used to bail out a company that put too much money into subprime mortgages?
When are we going to say enough is enough?
God Bless
Top Of My Head
Thursday, September 18, 2008
Let Them Fail...
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1 comment:
And dare we ask why AIG was bailed out and not Lehman? Perhaps someone had investments in a company that would have fallen as a result of AIG falling?
See the only reason I agree with the bailout is that AIG and Lehman were venture capitalists and Angels for many companies. It will not be just AIG and Lehman that fall. But as a result of the Lehman failure AMD the chip manufacturer is mow in trouble. Who else will fall?, one must ask. Why was that one allowed to fall and the other not? I would bet an imvestigation of certain members of congress and the senate and perhaps even the executive branch and their stick portfolios would answer that question.
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