Local CFO blasts government bailouts

Eagle: What about bailouts? There's a growing outcry from Republicans and some Democrats against throwing money at problems in the hopes it sticks to something.

Viscido: You got that right. You can plainly see that bailouts don't work. They prolong the inevitable. General Motors may declare bankruptcy by the time you read this. It's better this way. G.M. will be able to reorganize and start fresh; get rid of deadwood and re-open as a new entity. But allow me to add some things that I sincerely believe are behind this economic mess: Our government is going in too many directions simultaneously during this critical time, and do not seem focused on correcting the core of the problem-housing and banking policies that forced lending institutions to loan money to unqualified borrowers. This all began in the Carter administration and continued with a Democratic Congress lead by Barney Frank and Chris Dodd. Congress is throwing staggering amounts of money at problems, incurring an unconscionable amount of debt with no thought of where the money will come from to repay this debt. Yogi Berra said it best, "This is deja vu all over again." Our government is doing exactly what it forced banks to do, throwing large sums of money at unqualified recipients. The government had to step-up to bailout the banks. Who will step-up to bailout the American people?

There seems to be no accountability by our congresspersons or senators for how they spend our money. Their attitude seems to be: If it doesn't work, well too bad for us. Congress, in my judgment, is more concerned about their respective re-election than in managing our country. No one can convince me that punishing the producers of this country (taxpayers) and rewarding the non-producers (non taxpayers) is good for our country and our economy. Also, our economy will not be fixed unless major companies correct how they do business, and eliminate the "greed factor" from their business plan.

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