Dr. Craig Peterson of Utah State University said that this last week was the scariest week he has lived through economically and he is an economist.
Our government is proposing to bailout a number of failing companies to save the country from a severe economic downturn to the tune of trillions of dollars that they don't have. I believe it is a temporary band-aid that will only lead to socialism. Do we only believe in a free market except for when it doesn't work?
The mortgage industry loosened qualifications for mortgages so much that it jeopardized all of us. Investors artificially drove the housing markets up in places like Las Vegas and Phoenix. And to top it off, home owners used the inflated equity in their homes as credit cards and spent tomorrow's paychecks.
But we all know that hind sight is 20/20. I don't know much about the economy, government, or business, but I do know that I shouldn't spend money that I don't have. If our government is spending money that it does not have, it will have to take it from the people in the way of higher taxes. This only can hurt us in the long run. These bailouts will put our government in such a pernicious situation that can only be rectified by huge tax increases, which Obama proposes and will be more justified in implementing if elected. Even the Republicans will have no choice but to raise taxes. The people of Alma were in bondage to the Lamanites when taxed at 50%. We are so close to that now...higher taxes, inflation, bigger government, and on and on. Bondage.
My son, Ryan said that he would rather be working hard, poorer, and free than live under socialism. We have come so far from what our Founding Fathers built under the Constitution. I see it deteriorating more and more.
Tonight I wrote my congressmen and the white house. Is it too little, too late?