We lack money, obligation to help auto companies
Sunday, December 28, 2008
If the Fedzilla bureaucrats were in charge of the Titanic, they would have issued passengers buckets to bail out water on the sinking ocean liner instead of telling people to get into the life boats.
The analogy fits with Uncle Ted's economic lesson for today: No business is too big to fail.
Mismanagement, poor forecasting and bad business deals can sink any business.
In my beloved hometown of Detroit, our historic automobile industry is in deep financial trouble due to these very self-inflicted, inescapable reasons. Choices were made, now prices will be paid.
Bailouts for banks, insurance companies and now the automobile industry is the wrong approach for a nation whose engine is the free market and capitalism.
Furthermore, America does not have a trillion dollars or more to bail out sinking businesses. We have to borrow that money from other nations, some of them our avowed enemies. Clever.
Not in Constitution
Paging through my dog-eared copy of the U.S. Constitution, I find no reference that even remotely states that the federal government is responsible for providing taxpayers' cash to keep a business afloat.
Moreover, the genesis of our financial morass has to do with Fedzilla's meddling in the housing sector — an absolute brain-dead law that forced banks to make high-risk loans to people with little or no credit .
Only Fedzilla can create a problem, then propose more absurd laws and meaningless regulations to keep the very problem it created from happening again.
What a scam.
Fedzilla is not ever to be trusted to make wise and judicious decisions regarding our tax dollars. There are literally thousands of examples of Fedzilla fraud, waste and mismanagement of our tax dollars.
America's broke
America is not going broke. We are broke. Factor in the $10 trillion debt we have accumulated and the coming fiscal storm of our financial obligations for Social Security, Medicare and other entitlement programs and America owes $53 trillion that we do not have. That equates to about $175,000 for every man, woman and child in America.
Now Fedzilla wants to dig this hole a little deeper by bailing out who knows how many other industries and businesses that fall on hard times.
The retailer Circuit City is in financial trouble. Is it too big to fail? When does the bailout insanity end? Americans who have saved for their retirements have watched their savings shrink by 30 or 40 percent.
Not one of you would loan any of your personal money to Fedzilla because you know the idiots who run the government asylum in D.C. would probably waste it or lose it.
So, if you would not loan these idiots money, why should they be able to lend our money to businesses?
Stop Fedzilla from meddling in the free market and let capitalism solve free-market problems.
Ted Nugent is a Waco-based musician and television show host. Contact him at tednugent@wacotrib.com.
