View from Eagle: Bailout is unAmerican
Eagle, CO, Colorado
“Bailout” is such an un-American term when considering the market place. For the government to establish a red line (bread line) for the inefficient, avaricious and exploitive insurance companies (AIG), investment bankers (Citi), and auto manufacturers (U.S.) would be rewarding them for their failures, and not their successes.
It also smacks of illegality, considering the constitutional remedy for discarding the debris caused by CEOs, CFOs, managers and that ilk.
Rather than the feds giving cheap loans and purchasing worthless mortgages and equities, would it not be more beneficial, legal and equitable to reward the consumer-taxpayer by enacting a limited tax credit for the purchase of an American made vehicle?
This would certainly enhance the demand for GM, Ford or Chrysler models, and keep their employees on the job. A tax credit of, say, $20,000 per auto would reward the consumer for the auto-makers’ incompetency, inefficiencies, defective products and inability to effectively compete in the market place.
I, for one, would even welcome Mr. Obama’s proposal to increase taxes on the bonuses and extravagant salaries and perks of those CEOs, executives and managers who have not shown they are worth their keep. Do not apply such tax increases to the remuneration earned by corporate executives of companies that that are successful in the market place.
“Tax relief” is such an American way of encouraging economic progress. It lessens the burden of government on the producers and consumers.
With more money remaining in the hands of the taxpayers as a result of tax credits, there is more expendable income, more revenues to pay mortgages that would otherwise be in default, and far more tax revenues inuring to governmental coffers at all levels.
Taxpayer relief is a much more palpable and fair remedy than the corporate “bread-line” that has been proffered to date by our august financial leaders.
There again, I too am biased, since I am a taxpayer who wants a new pickup truck. I will even ride a bus to Washington, D.C., to receive my tax credit.