Friday, November 18, 2011
From Facebook:
The Treasury Department has significantly increased its estimate of losses from the $85 billion auto industry bailout by over $9 billion, bringing the total it expects to lose to $23.6 billion. This new estimate increases the overall cost of the $700 billion Troubled Asset Relief Program costs to taxpayers. The government spent $425 billion to bailout banks, insurance companies, and automakers and $45 billion on housing program assistance. The government now expects to lose $57.33 billion, including the entire cost of the housing program. Like this post if you do not think the government should bail out companies.
The "Being American" facebook page/person/community (whatever it is) posted this today.
I, like many Americans, got more than a little irate when I heard about the TARP thing (bailout) and railed against it. However, since it is now in the annals of history (sort of), I figured it would be OK to address this initiative. Many Americans said "let them fail" (referring to the auto industry). Many said "let them fail" (referring to banks and insurance companies). No one (that I have encountered) said "let them fail" in referrence housing assistance. Folks, I for one, agree that companies that are mismanaged should not be "rescued" from themselves. I agree that companies who offer huge bonuses to senior level folks while their company spirals down the drain should receive any assistance from the government. However, we MUST understand, that by bailing out these companies, the government saved some American jobs. Not as many as we would have liked, but there are Americans employed today because of that bailout, and that is something I will NOT rail against. However, I will say that I think we (America) could have managed the TARP better. What if we had invested in smaller business instead of the big ones? Could we have employed more Americans? I'd have to say yes. I am not trying to detract from the automakers who employ Americans, they should be applauded (and do a heck of a lot more in my opinion). But our government focuses on big business so much that often the little guys get left out. Ladies and gentlemen, our government is estimating a loss of $102B dollars on TARP (not to mention the money that was paid back that never made it back into the "kitty"). Could we have stimulated small business with $102B dollars? I'm pretty sure we could have put a decent little dent in unemployment in the small business sector with that. Kinda seems like the old saying about hindsight proves, once again, to be true. Another example of a lack of common sense in our government. Are you ready to say "enough is enough" yet?
The Treasury Department has significantly increased its estimate of losses from the $85 billion auto industry bailout by over $9 billion, bringing the total it expects to lose to $23.6 billion. This new estimate increases the overall cost of the $700 billion Troubled Asset Relief Program costs to taxpayers. The government spent $425 billion to bailout banks, insurance companies, and automakers and $45 billion on housing program assistance. The government now expects to lose $57.33 billion, including the entire cost of the housing program. Like this post if you do not think the government should bail out companies.
The "Being American" facebook page/person/community (whatever it is) posted this today.
I, like many Americans, got more than a little irate when I heard about the TARP thing (bailout) and railed against it. However, since it is now in the annals of history (sort of), I figured it would be OK to address this initiative. Many Americans said "let them fail" (referring to the auto industry). Many said "let them fail" (referring to banks and insurance companies). No one (that I have encountered) said "let them fail" in referrence housing assistance. Folks, I for one, agree that companies that are mismanaged should not be "rescued" from themselves. I agree that companies who offer huge bonuses to senior level folks while their company spirals down the drain should receive any assistance from the government. However, we MUST understand, that by bailing out these companies, the government saved some American jobs. Not as many as we would have liked, but there are Americans employed today because of that bailout, and that is something I will NOT rail against. However, I will say that I think we (America) could have managed the TARP better. What if we had invested in smaller business instead of the big ones? Could we have employed more Americans? I'd have to say yes. I am not trying to detract from the automakers who employ Americans, they should be applauded (and do a heck of a lot more in my opinion). But our government focuses on big business so much that often the little guys get left out. Ladies and gentlemen, our government is estimating a loss of $102B dollars on TARP (not to mention the money that was paid back that never made it back into the "kitty"). Could we have stimulated small business with $102B dollars? I'm pretty sure we could have put a decent little dent in unemployment in the small business sector with that. Kinda seems like the old saying about hindsight proves, once again, to be true. Another example of a lack of common sense in our government. Are you ready to say "enough is enough" yet?
Labels:
Reaction to Headlines
0 comments:
Post a Comment