And here’s a guy who should know. In a speech at the World Economic Forum, Putin decried the big brother direction the Obama administration is taking to solve problems-all problems.
“In the long run, this made the Soviet economy totally uncompetitive. This lesson cost us dearly. I am sure nobody wants to see it repeated.”
Yes, it’s true that the current regime in Russia can’t be considered a staunch ally, but at the same time, they understand that if America circles the drain, then at least a chunk of Russia goes with her. They also realize that an all emcompassing government will more than likely be corrupt (ex. Obama still hasn’t been able to fill his adminstration), and with any system, especially one without checks and balances, it would be a train wreck waiting to happen.
When the old Soviet Union sort of dropped communism, the seamy underbelly of the consequences of that philosophy emerged. The corruption, the organized crime, the abject poverty-all as a result of absolute government control. The U.S., on the other hand, could have avoided most of her problems had existing laws been adhered to. Do you think anti-trust laws could have been leveled against these banks? And who agreed to have their mortgage packaged up with some sub-prime mess and sold off to a third party? I’m no MBS expert, but there is something horribly wrong with that picture. Then again, it appears as if Wall Street lacks their own expertise with mortgage backed securities.
I disagree with bailing out the same crooks that screwed up the economy in the first place. I say let ’em fail. Somebody is going to take a loss regardless, but if these behemoths were gone, smaller, more accountable banks would (and could) move in to take their place. Those banks might be more responsible knowing there would be no bailout coming if they botched the business.
I know it’s more complicated than that. But the thought of handing that kind of money over to the same Washington politician pocket lining crooks, and then have those same stuffed pocket politicians act as a nanny just sounds like a bad idea.
I saw this quote, and it’s still appropriate:
The most terrifying words in the English language are: I’m from the government and I am here to help.