At last, somebody sees it as it is!!
This has been pi$$ing me off for a long time.
I screwed up 20 years ago and made a few bad decisions compounded by divorce which resulted in going bankrupt. Well, nobody bailed me out then, and I lost it all. I learned my lesson though, and have lived on what I earned ever since. I am a teacher, so the money is OK, not great, but enough to live on.
I own nothing, no big fancy house, no new pickup, no boat, no vacation home, no toys to speak of (other than Cuda) I live in one of the most expensive housing markets in North America (a 60 year old house on a 30X120 foot lot averages $700,000) so I can't even afford to buy a house. I pay off my credit card every month, Ihave no loans.
BUT, I owe nothing to anyone.
I wonder why people who have bought all sorts of stuff they can't afford simply because credit was easy feel entitled to the taxpayer bailing them out!!!???
The same can be said about the companies...free enterprise, capitalism and "the American Way" all are based on taking chances and either profiting or failing based on your ability to meet market demands and outdo your competitors. Nowhere is it written that you can take huge wages, massive profits, rich benefit packages, great pensions and very gold golden handshakes when things are good, then expect the working guy's taxes to enable you to keep all this stuff when you failed to meet the market through greed arrogance and short-sightedness.
These companies are going to fail anyway, nobody has learned anything by being rescued and they are still uncompetitive on a global scale. Let companies fail and use the bailout money to help people who are affected by these conditions stay fed, housed and healthy until things change. Perhaps people can't keep all their "stuff", but that is the price they pay to live under our system...it is not socialism or communism, it it capitalism.