No Socialism For Banks
Banks fought hard to privatize their gains when times were good, we should not allow them to socialize the losses now that times are bad.
It is wrong to force a hardworking person from Washington state to pay twice as much for his food, gas and heating because a banker made bad loans.
In the United States, businesses that make bad decisions lose money. Businesses that make very bad decisions go out of business. We should hold Banks to this same standard the rest of the country operates under.
We should not destroy a couple’s lifetime of retirement planning by destroying the purchasing power of their saved dollars to pay for corporate welfare for banks. We should not wipe out the middle class with hyperinflation because a 29 year old investment banker wants to drive around in a Maserati.
There is nothing wrong with a 29 year old driving a Maserati if he buys it from his own hard work, but he can’t afford it from his work! He needs Benjamin Bernanke to hand him a welfare check to buy one. 29 year old Washington Apple farmers don’t drive Maseratis. Why does Bernanke have the right to make farmers buy them for investment bankers?
Why would we prevent a young family from affording a home in a good neighborhood, just because the Federal Reserve, with the help of the Chinese, told JP Morgan Chase to give anyone with a pulse half a million dollars to buy homes at prices they cannot afford? We should not force this family to suffer in a rented home with higher food and energy costs just because Bernanke believes he can now command the value of that home to stay above its fair market value.
Bernanke’s vision of commanding the value of money will fail no less decisively than communists’ vision of commanding the value of production.
I agree with Jim Roger’s opinion in the embedded video: abolish the Federal Reserve.