No need for bailouts
Vail, CO, Colorado
Mr. Gustafson’s commentary of March 30 about the blame for the current economic crisis lying directly on the shoulders of Carter, Clinton and the Democratic Congress is right on the mark. It the housing programs they encouraged for loans and houses people could not afford that initiated the crisis.
If it were not so serious, it would be a joke the way Obama, Pelosi and Reid try to put the blame on the Bush administration.
Our Constitution clearly states that it is the legislative branch of the government, not the executive branch, that has the responsibility for overseeing the nation’s financial and monetary systems.
And who has controlled the legislative branches for the past three years? Yes, the Democrats, with Barney Frank and Chuck Schumer chairing their respective House and Senate finance committees.
One should stop to ponder what it would have been like if nothing were done to bail out the companies and banks that were going down the tubes because of bad management. It would mean getting rid of all the bad apples and letting the more responsible companies and banks fill the gaps.
Our bankruptcy laws would allow the reorganization of the
bad apples so they could be put back into the system and make a more positive contribution to the economy.
Despite the hype from Obama and Congress, reorganization does not result in mass layoffs. And we who have been more economically responsible during the past several years would still have the trillions of dollars that are currently being wasted on Obama and the Democrats’ social programs