700 billion dollars, that is a pretty disgusting amount of money. I am terribly afraid that government is going to authorize a free wheeling spending spree with freshly printed money.
The value of the dollar will fall through the floor and we will all be facing inflation to rival that of my parent’s generation. I will say, to those of us fortunate to live in the Houston area, that our real estate market has been forged by those who suffered during the previously boom-bust cycle. We are living in relative comfort, for now.
I am concerned about our global standing as an economic power now that our government has shown a willingness to devalue our currency to toilet paper levels.
I understand the ramifications of not bailing these companies and I, personally, would bear my share. The government is setting a dangerous precedent of using taxpayer dollars to bail out private companies, and that is an idea I want no part of.
Let them fail, take the punishment, and, for those who can, start building a new foundation of dollars in the market. Your money will have infinitely more value if the government can refrain from writing themselves a blank check.
“A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits the public treasury with the result that a democracy always collapses over lousy fiscal policy, always followed by a dictatorship. The average of the world’s great civilizations before they decline has been 200 years. These nations have progressed in this sequence: From bondage to spiritual faith; from faith to great courage; from courage to liberty; from liberty to abundance; from abundance to selfishness; from selfishness to Complacency; from complacency to apathy; from apathy to dependency; from dependency back again to bondage.”
Alexander Fraser Tyler, Cycle Of Democracy (1770)
Submitted by Chris Bailey
