Monday, 10 May 2010

We The People

Just don't get it.

I predict that these bailouts are going to start making people antsy. Every time someone fucks up, public money is used to prop them up. With this latest "eurozone" crises, even Canadians are contributing.

Banks, automakers, countries, it doesn't matter. Our money goes to prop them up, not matter how ill managed, immoral or even illegal their actions.

However if I were to gamble away all my money and pile up huge debts, the bank gets to take my house.

Funny that.

It is a bitter pill to swallow. This government altruism on our behalf while maybe nice or even necessary in the abstract, doesn't add up. Essentially we are offering more debt to debt laden countries. Corrupt debt laden countries.

I pay my taxes on time every year. Greeks en masse do not. They get public money.
Bank execs deliberately risk everything to make as much money as possible. Their recklessness almost crashes the western world. They get public money, and pay themselves bonuses for their genius.
Automakers mismanage their companies. They get public money.

When do I get to keep my money? I've got my own debt problems! Maybe I'm being selfish, but I ain't alone.

Updater: Ah fuck it. Hoard while you can people. HT Wyndtunnel

2 comments:

Ken Breadner said...

My very weak econobrain says money only has a value if people agree to that value. So far everybody's agreeing. Or at least the people who matter are agreeing. You and I, we don't matter.

Catelli said...

That's the key to the whole thing. Look at how the markets all reacted yesterday. They agreed en masse that this deal has value. So they manufactured value yesterday. They manufactured value out of debt!!!

The motive for profit drives all. From a profit perspective, the system makes sense.

But from a stability perspective, not by a long shot.