Thursday, November 20, 2008


Where in the Constitution does it say that it is the government's responsibility to bail out failed businesses? That is our money and should not be wasted to reward private sector fraud and failure.

I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents. -- James Madison as he disapproved of an attempt to appropriate $15,000 for French refugees. 4 Annals of Congress 179 (1794).

Where is the outrage from American citizens over this $700 billion "bailout." That money belongs to you and would grow the economy much faster in the hands of American consumers where it will do some good. Buying votes or political payoffs to unions to give temporary life to failing businesses makes no sense whatsoever. If Washington is willing to give money to automakers and banks, why not a host of other industries in the future?

I survived throughout the telecom/Internet/dot com disasters, losing jobs in the process and I don't recall any Democrats rushing to bailout those industries. Nor did I expect it. If my own business suffered, I would never expect a government handout.

At the very least, the automakers need to learn from AIG executives. You don't go to Washington with your hands out flying on company jets. If you are that desperate, the private planes, outrageous executive pay/perks and any other excess needs to be eliminated before begging for taxpayer handouts. Geez.

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