Economy and Banking
In this category I would welcome all to give their 2 cents (or 10 cents if you adjust for inflation)
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
~~ Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
In this Statement by Thomas Jefferson is a warning to us of what is happening today. We as Americans have aloud ourselves to become dependant on the banking institutions. So much so that some say our economy can only be saved by government bailouts.
I say, “Bull”. Rewarding poor management will only bread more of the same. Who will be next for the bailouts? The auto industry? The airlines (again)? The convenience store down the street?
Allowing the banks to fail as we should, would hurt the economy no doubt, but how is sending the message that its ok to fail because the U.S. Taxpayer will be there to bail you out going to help the economy?
None of us like going to the doctor and getting a shot in the ass, but at times the shot in the ass is the only way to get better. All the government is doing is covering up the symptoms with a cheap roadside remedy reminiscent of the cure all elixirs of the 1800s.
