Freedom: Lessons from 2 Years of Being Debt Free
- on May 17, 2013
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My wife and I are celebrating two years of being debt free. It has been an incredible journey of ups and downs, but I want to share with you some of the ways we went about it as well as the lessons we[...]
Government Bailout = "Moral Bankruptcy" & "Socialism for the Rich."
Upfront, I’m no economist, and I know each side can paint a picture that seems right (what if we don’t help, will it send more into poverty…and if we do, what is to keep it from happening again, etc)… but we are sort of in trouble on both fronts if you will, with either decision. But I’ve been pretty sickened…strong word…but that’s how I feel about this whole government bailout.
I know financial gurus like Warren Buffett are for the bailout. But I believe that just because something is financially right, does not make it ethically right. Otherwise we could justify all kinds of terrible behavior and decisions based on financial choices and not ethical ones…not the right ones.
So I thought I would leave you with some words by people who say it better.
“It is extraordinary to me that you can find $700 billion to save Wall Street and the entire G8 can’t find $25 billion to save 25,000 children who die every day of preventable treatable disease and hunger. That’s mad, that is mad.”
“Bankruptcy is a serious business and we all know people who have lost their jobs. But this is moral bankruptcy.”
– Lead singer of U2 Bono speaking today during day two of the Clinton Global Initiative.
Here is more of the context of the quote.
And then I will close with this quote by Stanley Hauerwas given during his talk “The American Empire And The Kingdom Of God.”
“Government bail-outs are socialism for the rich.”
I've been struggling with this a lot this week.
I've been struggling with this a lot this week.
Tyler,
I am too...doesn't seem "right" or ethical to me. But I also understand the argument that not bailing out will, or could lead to more poverty. But so much hangs on this decision I think....
What's to keep it from happening again? Won't the gov't just take another trillion when things are bad?
Aren't we bailing out some people/corporations, etc. that made some really bad choices? What's to keep them from doing it again?
What about what Bono said? We can aid a trillion dollars for financial institutions who brought this mess upon themselves...but we can't give a small percentage of that to needs around the world?
Etc, etc.
Just sort of feel ill about it.
rhett
Hey Rhett,
I am wondering if I can include my student loans in the bail out? Also, I'll just throw in what's left of my car and credit card debts! Sweet! Let's go spend money!!!
I saw a nice house in Beverly Hills that i have always wanted that is WAY out of my price range, but now "booyah"! Thank you George W.!!
(NOTE: For people that don't know me, this comment was written in a tone of complete sarcasm.)
Re: the quote about "socialism for the rich" One has to ask how many of the "mainstreet" Americans have 401K's, retirement accounts and mutual funds which hold LARGE positions in Fannie, Sally and the others?
The "investment" it's not literally a bailout cept for CNN hype, helps such people directly and immediately.
I think there needs to be and will be caps on executives of said companies but I also know that without such capitalistic companies there is no growth with which to put together the money needed to help Africa, South America etc.
As for Bono, IMHO he's a better musician than political spokesperson.
Pingback : Economic Bailout « Rob’s Blog
Rhett, why couldn't WaMU put out an AD and ask Americans to put money up to say $20.00 to 100K (FDIC ensured) to those WaMU's with the Bad-High Risk Loans to help balance them out, so that The FED could NOT TAKE THEM OVER at discount prices! To tell American's NOT to invest in WAMU stock, but put that money in specific WAMU branches. This TAKEOVER is letting the Wolf own the Farm.
Where are the Bank Examiners, Auditors now? What's the SEC doing in Washington, D.C.? It's a matter of 'Revolving Doors' for the elite from Top officer's to Board of Director's swapping out positions between Government / The FED / Banking & Mortgage Institutions / et.al. A round robin pryamid top ridge of 'unethical elitists' with the same agenda in mind of Bringing America Down. To start a Depression and begin looting it. They already have the Patriot ACT and slashed Bill of Rights taken care off. Making monopolies and conglomerates should BE OUT-LAWED permanently. Yet the SEC looked into changing the ruling on allowing consolicated Media/TV/Newspaper ownership. There is no competitive edge between companies when there is only five or fewer left. Driving us away from a 'Good Will' Capitalistic Market into a 'heartless' Socialistic one. How many subsidiaries does the FED own Now and is BofA one of them? We need to ensure proper investigation of ALL top level people on EVERY side, because it covers the whole scope of our life (Banking, Investment, Military, Computers, Science, Religion, MEDIA, TV, Music, Government, et.al.).
This was a PRIME time to GET the FED off our Backs & our CONGRESS yielded??? A Way to kick out Lobbyists. No surprise with Congress, a bunch of suck-ups & joiners. Trickle down economics never works. If the Government wants to give $700 Billion away, give it DIRECTLY to those people who defaulted on their loans, put them back in their 1 home, ...not the ones who own several.
INVESTIGATIONS need to be started and nothing held back. Tell America, the employment history/ salaries/ stock options / buyouts on all of these people.
List THEM ALL. I can guarantee you that revolving part of the pryamid top ridge to next to TOP CAP ELITE of the ELITE. They know what buttons to push to get THE COLLAPSE rolling. And the poor sheeple at the bottom get blind sided again and again.
I keep seeing our National Guard at the FED, ARMED and Ready to Fire. Do you? Show us their Books and expose all their dirty secrets!
Rhett, why couldn't WaMU put out an AD and ask Americans to put money up to say $20.00 to 100K (FDIC ensured) to those WaMU's with the Bad-High Risk Loans to help balance them out, so that The FED could NOT TAKE THEM OVER at discount prices! To tell American's NOT to invest in WAMU stock, but put that money in specific WAMU branches. This TAKEOVER is letting the Wolf own the Farm.
Where are the Bank Examiners, Auditors now? What's the SEC doing in Washington, D.C.? It's a matter of 'Revolving Doors' for the elite from Top officer's to Board of Director's swapping out positions between Government / The FED / Banking & Mortgage Institutions / et.al. A round robin pryamid top ridge of 'unethical elitists' with the same agenda in mind of Bringing America Down. To start a Depression and begin looting it. They already have the Patriot ACT and slashed Bill of Rights taken care off. Making monopolies and conglomerates should BE OUT-LAWED permanently. Yet the SEC looked into changing the ruling on allowing consolicated Media/TV/Newspaper ownership. There is no competitive edge between companies when there is only five or fewer left. Driving us away from a 'Good Will' Capitalistic Market into a 'heartless' Socialistic one. How many subsidiaries does the FED own Now and is BofA one of them? We need to ensure proper investigation of ALL top level people on EVERY side, because it covers the whole scope of our life (Banking, Investment, Military, Computers, Science, Religion, MEDIA, TV, Music, Government, et.al.).
This was a PRIME time to GET the FED off our Backs & our CONGRESS yielded??? A Way to kick out Lobbyists. No surprise with Congress, a bunch of suck-ups & joiners. Trickle down economics never works. If the Government wants to give $700 Billion away, give it DIRECTLY to those people who defaulted on their loans, put them back in their 1 home, ...not the ones who own several.
INVESTIGATIONS need to be started and nothing held back. Tell America, the employment history/ salaries/ stock options / buyouts on all of these people.
List THEM ALL. I can guarantee you that revolving part of the pryamid top ridge to next to TOP CAP ELITE of the ELITE. They know what buttons to push to get THE COLLAPSE rolling. And the poor sheeple at the bottom get blind sided again and again.
I keep seeing our National Guard at the FED, ARMED and Ready to Fire. Do you? Show us their Books and expose all their dirty secrets!
Rhett, why couldn't WaMU put out an AD and ask Americans to put money up to say $20.00 to 100K (FDIC ensured) to those WaMU's with the Bad-High Risk Loans to help balance them out, so that The FED could NOT TAKE THEM OVER at discount prices! To tell American's NOT to invest in WAMU stock, but put that money in specific WAMU branches. This TAKEOVER is letting the Wolf own the Farm.
Where are the Bank Examiners, Auditors now? What's the SEC doing in Washington, D.C.? It's a matter of 'Revolving Doors' for the elite from Top officer's to Board of Director's swapping out positions between Government / The FED / Banking & Mortgage Institutions / et.al. A round robin pryamid top ridge of 'unethical elitists' with the same agenda in mind of Bringing America Down. To start a Depression and begin their looting.
The Patriot ACT and slashed Bill of Rights is already in place. Making monopolies and conglomerates should BE OUT-LAWED permanently. Yet the SEC looked into changing the ruling on allowing consolicated Media/TV/Newspaper ownership. There is no competitive edge between companies when there is only five or fewer left. Driving us away from a 'Good Will' Capitalistic Market into a 'heartless' Socialistic one. How many subsidiaries does the FED own Now and is BofA one of them?
We need to ensure proper investigation of ALL top level people on EVERY side, because it covers the whole scope of our life (Banking, Investment, Military, Computers, Science, Religion, MEDIA, TV, Music, Government, et.al.). AND THEY ARE MOVING FAST.
This was a PRIME time to GET the FED off our Backs ad a Way to kick out Lobbyists. Where's a LEADER to GET THIS CLEANED UP? Trickle down economics never works. If the Government wants to give $700 Billion away, give it DIRECTLY to those people who defaulted on their loans, put them back in their 1 home, ...not the ones who own several. Rebundle 30% faulty loans with 70% good ones. Tighten our Belts against virtual money.
INVESTIGATIONS need to be started and nothing held back. Tell America, the employment history/ salaries/ stock options / buyouts on all of these people.
List THEM ALL. I can guarantee you that revolving part of the pryamid top ridge to next to TOP CAP ELITE of the ELITE. They know what buttons to push to get THE COLLAPSE rolling. And the poor 'hard working' sheeple at the bottom get blind sided again and again.
I keep seeing our National Guard at the FED, ARMED and Ready to Fire. Do you? Show AMERICA their Books and expose all their dirty secrets!