Fiscal Responsibility needs to make a comeback
We Need a Bailout Exit Strategy
Let's not forget that free markets made America strong.
"Focusing on exit strategies now is of vital importance to ensure that we do not stumble along a dangerous path of confusion that may end in far greater financial exposure for the American people, and a far worse situation for America's taxpayers and investors. If we answer the tough questions now, and make sturdy plans for the future, we can position our mortgage market, our financial services industry, and the broader economy for renewed growth and prosperity."
This is not the end for free market capitalism, and not the end of enterprise and competition. This is another downturn in a business cycle that is just about always cyclical.
Without mincing words... we've been spoiled the last 15 years.
We've been spared some of the worst of that in the most recent two decades, but we only need look to the past to know we do in fact have a future.
Eventually things will turn around. Eventually the housing market will bottom out and people will begin to buy again when the prices are too good to pass up. Eventually business will start to invest again when the oppotunities are too good to pass up - the insufficient demand will give way, and the economy will flourish, and we will climb out of the rut we're in.
We're not there yet. And it's times like these that challenge us to stick to our economic principles.
Free Enterprise has been the driving force behind our high quality of life, backed by a lawful system that protects property rights. Without either one, we would have been mired in the mess that consumed many of our worldly neighbors. Without a government that protects property rights, free enterprise can not work. If you can not guarantee you can enjoy the fruits of your labor, what incentive do you have to work? We saw the failure of Russian ventures into capitalism precisely because the lacked adequate government control to ensure property rights. In the ensuing chaos, business was run by corrupt crime lords that screwed everyone around them... free enterprise never had a chance. But with the backbone of property right protections, Free Enterprise does wonders. Centrally planned countries tried their best to steer their countries to economic prosperity but try as they might, without adequate market forces guiding business - the "invisible hand" of Adam Smith - economies crumble, and the end result is widespread poverty.
We must not blind ourselves to the lessons of the past century. If we do, we are doomed to repeat the mistakes made by arrogant men and women who thought they knew how to handle other peoples business better than the people who actually knew the business.
Let's not forget that free markets made America strong.
"Focusing on exit strategies now is of vital importance to ensure that we do not stumble along a dangerous path of confusion that may end in far greater financial exposure for the American people, and a far worse situation for America's taxpayers and investors. If we answer the tough questions now, and make sturdy plans for the future, we can position our mortgage market, our financial services industry, and the broader economy for renewed growth and prosperity."
This is not the end for free market capitalism, and not the end of enterprise and competition. This is another downturn in a business cycle that is just about always cyclical.
Without mincing words... we've been spoiled the last 15 years.
We've been spared some of the worst of that in the most recent two decades, but we only need look to the past to know we do in fact have a future.
Eventually things will turn around. Eventually the housing market will bottom out and people will begin to buy again when the prices are too good to pass up. Eventually business will start to invest again when the oppotunities are too good to pass up - the insufficient demand will give way, and the economy will flourish, and we will climb out of the rut we're in.
We're not there yet. And it's times like these that challenge us to stick to our economic principles.
Free Enterprise has been the driving force behind our high quality of life, backed by a lawful system that protects property rights. Without either one, we would have been mired in the mess that consumed many of our worldly neighbors. Without a government that protects property rights, free enterprise can not work. If you can not guarantee you can enjoy the fruits of your labor, what incentive do you have to work? We saw the failure of Russian ventures into capitalism precisely because the lacked adequate government control to ensure property rights. In the ensuing chaos, business was run by corrupt crime lords that screwed everyone around them... free enterprise never had a chance. But with the backbone of property right protections, Free Enterprise does wonders. Centrally planned countries tried their best to steer their countries to economic prosperity but try as they might, without adequate market forces guiding business - the "invisible hand" of Adam Smith - economies crumble, and the end result is widespread poverty.
We must not blind ourselves to the lessons of the past century. If we do, we are doomed to repeat the mistakes made by arrogant men and women who thought they knew how to handle other peoples business better than the people who actually knew the business.
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