Financial Crisis - Who’s to Blame?
In typical baby boomer style when someone makes a mistake we look to Big Government to bail us out. Everyone wants to blame someone else (another problem in our country, but I’ll save that for another time) for the mess we’re in.
It’s EVERYBODY’S fault. It’s the government’s fault for making it national policy to increase homeownership; the banks are at fault for making stupid loans; home buyers are at fault for not reading what they were signing; and it’s our collective fault for not having the common sense to see what was happening and act accordingly to prevent it.
Let the banks that made bad decisions fail. If that hurts the shareholders - tough. If it causes the US economy to go into a recession - tough. The free market is the best way to run an economy and the only economic system appropriate for a free people and nation. We are only delaying and exacerbating a problem by effectively rewarding a series of mistakes and bad policy by putting the tab on our collective credit card. If we go through a tough period now we will come out stronger and it will be apparent then that tough love sometimes is the best way to go. A bailout is a mistake but unfortunately we are a spoiled nation on the apparent way down.
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