I don't know if a government bailout will rescue America's auto industry, but I do know that if there is a bailout, it better come with a big, bright stop sign and lots of strings attached.
Sentiment: NEGATIVE
As Americans, we shouldn't like bailouts. Where I come from, if someone takes a risk and they're going to make the profit from that risk, they shouldn't have the taxpayer pay for the losses.
Most Ohioans would be surprised to know that the same Wall Street megabanks which received bailouts from taxpayers in 2009 also receive taxpayer-funded advantages today simply because of their 'too big to fail' status.
The Great Bailout is mostly over for the banks. But for those troubled behemoths of the nation's housing bust, Fannie Mae and Freddie Mac, the lifeline from Washington just keeps getting longer.
Any bailout of a private company is a bad decision by our federal government. Private companies have the right to succeed, but they also should have the right to fail.
We never intend to lose our jobs, break up with our live-in loves, or face any number of the curveballs life throws our way. But they happen all the same, so have a bailout plan just in case. Sounds corny, but I call this the 'freedom fund' because it gives you the freedom to get out of a jam without climbing into debt.
State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don't know is whether that order will be enforced. And ultimately, the busted state is going to be looking to the federal government for a bailout. Think Greece, but on a much bigger scale.
Most of us are aware of the sacrificial slaughter of Bear Sterns. Some people call it a bailout, but I call it a handout - a government handout to some of the richest people on Earth, paid for by American taxpayers.
We have the idea of saying that put limitations on bailouts, so that the bailouts don't occur in the future, so that we don't have to do the - look to see AIG situations or Bear Stearns situations or the Fannie Mae or Freddie Mac, which is probably going to be more money spent on those two institutions than the Congress spent on the TARP program.
We need to think deeply about whether we can sustain banks that are not only too big to fail, but potentially too big to bail.
If your bank took bailout money, take your money out of that bank and put it in a credit union. Credit unions are owned by the people who have their money in the credit union.
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