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Actually I didn't support the bail outs. There needs to be consequences for failure.
Fair enough but we have to understand.........just because the government screws something up doesn't mean what they screwed up is bad. It just means the government was incompetent.
I don't know if screwed it up is the correct phrase, short term the bail outs worked. They made money on the banks. As far as auto bail outs go I know they recovered most of the money and may recover all of it, stockholders are the ones that got screwed.
That's besides the point because the bail outs set a dangerous precedent especially with the banks, we're setting ourselves up for another disaster in the future. Had those banks and the auto companies failed other banks and large companies like GM are going to think twice about risky business practices in the future.
That's besides the point because the bail outs set a dangerous precedent especially with the banks, we're setting ourselves up for another disaster in the future. Had those banks and the auto companies failed other banks and large companies like GM are going to think twice about risky business practices in the future.
Though lots of people grumble about the government bailing out banks in the financial crisis, we have at least taken some comfort in the idea that the government has turned a profit on that bailout.
Only problem is, that profit comes from taxpayer money -- money that was meant to spur banks to develop communities and help small businesses. Instead they've used it to develop and help themselves.
And for the record, it was meant for what it did, reinflate Wall Street and bank profits.
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