It makes me apprehensive to see a government buyout a corporation due to its bad business practices and greedy management while its citizens are paying for that bill with tax money. I spent some time looking into the announced takeover of mortgage giants Fannie Mae and Freddie Mac the CBC News on-line, and came to the conclusion that I see bailing out the mega mortgage giants will cause more harm than letting the natural progression of business/economics take its effect on them. Taking tax payers money for business mistake is wrong—especially from a right-wing government point of view. That money should fund stuff like Medicare and building roads, schools and hospitals.
Why should the tax payer bail these two companies out? Isn’t tax payer’s money supposed to be for all people, not for those who got greedy and bought into the cut-rate mortgages and never got their “million” dollars return as they go “bust”? Why Should the tax money from a low income family fund the super rich for their mistakes!
I guess it’s different when I see Tax Money Bail-outs taking place in someone else’s country as opposed to in my backyard. I know Canada has made these same blunders, using tax payer’s money to bail out businesses, as the US is about to again. We give money to our Banks, who in turn only make more mistakes and the cycle starts over and over, from one business cycle to the next. As a tax payer, after my tax money has save their butts, I expected to see better opportunities from the Banks, but instead I get more of the same: high service charges, unbearable interest rates and poor service. It is like the Banks expect it from our governments, and we the people seem to be OK with that.
We are now in an election. I would like to have a government that will let businesses take care of their own, not business depending on government support for their bad business practises with tax payer’s money. What is happening down in the States is not the right thing, in my opinion, for the tax payer because only a select class of people will get to benefit from it—not all tax payers—of whom that money belongs to.