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Goodbye Capitalism

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Via(FreezetheFascism)

I am angry with executives receiving golden parachutes and bonus pay that is supported by the compulsory donations of the American people. The problem is, the only reasonable way to prevent this would have been to not bail out failing banks and corporations. With every pandering populist word President Obama spoke at his press conference today capitalism, which has provided a standard of living for the American povertous as high as the European middle class, ceded more and more ground to the European Socialism that has created long-term double-digit unemployment and a stagnation of financial mobility.

I expect that the initial decision to bail out these failures will become a self-enforcing cycle of further failure. Let us examine the facts:

  • Businesses that took on too much risk and made poor decisions regarding the handling of that risk received $700 Billion at the direction of a centralized government
  • Taxpayers were compelled, with no voice in the matter, to become powerless stockholders in these failing companies
  • Taxpayers became enraged that these failing businesses, taking their money, are buying jets and paying themselves millions of dollars
  • President Obama declares that there will be a $500 thousand cap on bailout recipients’ pay

This last may sound like a great move to the taxpayers who are sick to death of seeing failure rewarded. It feels good to stick it to those who have been sticking it to us. The question though, is not an emotional one. Businesses do not rise and fall on emotion, and intent does not always line up with result.

What President Obama has done is to forbid already struggling businesses to offer a competitive market wage for executives. No one in the league of running these large banks and corporations is going to work for (comparably) peanuts, except maybe the losers who ruined these companies in the first place and have no other offers. So the businesses the taxpayers dumped $700 Billion dollars into to salvage, are going to be stuck with either the same lousy leadership or “leadership” from someone who garners a fraction of what his colleagues do, which says quite a bit about his talents; none of it good.

The solution would have been to let these banks fail. Many people would have lost their jobs and unemployment would have skyrocketed. $700 Billion could have paid thousands of dollars in extended unemployment benefits while more responsible institutions fed on the carcasses of these failures, dividing up their market share and allowing growth to smaller but better run counterparts.

Instead, we see skyrocketing unemployment while the culprits eat up a few hundred Billion bucks of our value and the leadership of the Democratic Party sees this as an opportunity to take advantage of the fear in the public, passing billions in government spending for pet projects that could never pass the smell test in committee.

When historians spawned from the socialist reeducation camps we call colleges in this country, write the story of the destruction of capitalism and the impoverishment of the American people circa 2009, I trust they will paint a noble and courageous portrait of all this government meddling. As always, when yet another liberal social engineering project results in plummeting standards of living (see the War on Poverty) we will be assured that things would have been even worse were it not for these heroes and their valiant redistribution of the people’s hard earned money.

God Bless,
The Truth Tracker
Jason R. Bootie
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