Why The Government Should Stay Out – Jared
September 29, 2008 1 Comment
This article titled In Times of Crisis, Trust Capitalism by Joseph Calhoun is a great window into an argument against government involvement in the financial situation. I have been leery about this bailout of these “bad” or “failed” companies since this came out. The strong hammer of the argument is that history could repeat itself.
Japan propped up her banks in the late 1980s and got stuck in a 15 year stagnation rut which is not what America needs. We have a long and distinguished history of capitalism’s creative destruction successfully moving the economy and America forward.
What I am trying to look into at this point is the political ramifications of the proposal of the bailout and now the defeat of the bailout. Do the American people really not want the bailout to happen to these financial companies that took and offered bad loans? Why won’t 70% of Republicans and 40% of Democrats stick their names to this? I’m working on that one still.