Nov 24 2008
Bush Approves of Citigroup Bailout
After flying back from Peru on Sunday, President Bush voiced his approval of the government’s rescue of Citigroup, even saying such action to protect the economy is needed to “safeguard our financial system in the future.” He has been busy as of late, primarily with the top concern of the nation, the economy. Of all the things he could advocate, however, he is promoting government involvement in big business. That does not exactly sound like pure free trade to me.
While some may agree that more bailouts like this are needed, I only agree that more situations that will require bailouts are coming. But how many can you help? Not all the plans will involve $20 billion, but every billion does count. Can the government handle all this? I know people are saying that tax payers will feel the sting, but I am not feeling it yet. Will they raise taxes to an insane level? Cut spending in other areas? If they deplete reserves too much, and a national crisis occurs, outside the economic one, can they handle it? I am just saying that they should not be too willing to help these businesses. Help those who did try on their own to act cautiously and wisely. Be aware of those who take risks and just assume they will be helped when they fail.
