Friday, March 20, 2009

Bailing out failing companies

I think GM is going to fail and it doesn't matter to me how low their stock price goes, I'm not going to buy it. It doesn't matter what rate they give on their bonds, I'm not going to loan them money.

There are plenty of companies in similar straits. I wouldn't dream of buying their stock, or loaning them money because they are going to go out of business. They SHOULD go out of business because there is no demand for what they sell.

But Congress and the President think those failing companies should be kept on life support. And what is life support? It is money. My money. The money I don't want to spend on their shares or bonds is being taken from me by force (all taxes are collected by force) and used to buy an interest in failing firms or loan them money.

Is this freedom? Is this what it means to be an American?

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