The insanity of it all — to think the government (speaking mainly of the federal government) either (1) should regulate us to the extent it does or (2) can take care of all of our needs. More on our “entitlement” state in another piece.
This country did not get to be what it is by the grace of government other than that which is granted in the constitution, specifically the bill of rights, that recognizes that the people have the rights and that most of the regulatory power is reserved to the states. My how far we’ve come from that.
Congressmen decry “big business” but how many of them have had GM, Exxon, GE and the likes in their own investment portfolios? As they invested, did they expect government to be “floating” those businesses or was it because they, like all investors, were depending on the business prowess and acumen of those companies? The latter, of course. Without question.
In recent administrations we’ve heard the mantra of making government smaller. President claimed to have done so. But all he did was to reduce the numbers of employees (and I’m recalling it was a substantial number at one time) but was there even one agency eliminated? Were any laws or regulations repealed or even simplified? The only meaningful reduction of the government will occur when it is less intrusive in the lives of individuals and the businesses for which they work.
The “bailout” or “stimulus package” or whatever you want to call the current insanity is just more interference. The next step will be to buy not only preferred stock, but voting preferred, and likely eventually common stock and telling the companies how to run their business. That advice will likely be on a par with the congressional mandates for lenders to make loans to people who are unable even to pay back the loans, much less care for the collateral.
Why is government so hell-bent-for-leather that it thinks it has to do anything at all? We have protections against 30’s style stock market crashes, we have as much monetary policy influence in place as is possible, and we have a very sophisticated free-market system that could work if permitted. Maybe some things need to happen and some pain needs to be endured. Maybe some companies need to fail even with the attendant misery that will befall individuals … individuals who as a group are resilient and resourceful and who will adapt and overcome. They have throughout the history of this great nation.
The federal government has fostered many problems, but business also has made huge mistakes. Let the markets, and the voters speak. Everyone needs to wake up and react. Our free market system will take care of eliminating the businesses who have failed … if allowed to do so. And the voters should take care of the government that has failed and is continuing to fail so miserably … not simply one president at a time … but looking at the entirety of congress.