Read this interesting article on WSJ.
Echoes my thoughts on the mindlessness of the new buzzword: "Bailout". Like the other American export-- "lay offs" -- this policy celebrates and perpetuates incompetence while kicking the "worker" in the balls. I do not believe all that Ayn Rand wrote was gospel, but I do like the way this WSJ analysis compares her vision to today's greed-infested times. As if "1984" wasn't bad enough...
An excerpt from the article:
One memorable moment in "Atlas" occurs near the very end, when the economy has been rendered comatose by all the great economic minds in Washington. Finally, and out of desperation, the politicians come to the heroic businessman John Galt (who has resisted their assault on capitalism) and beg him to help them get the economy back on track. The discussion sounds much like what would happen today:
Galt: "You want me to be Economic Dictator?"
Mr. Thompson: "Yes!"
"And you'll obey any order I give?"
"Then start by abolishing all income taxes."
"Oh no!" screamed Mr. Thompson, leaping to his feet. "We couldn't do that . . . How would we pay government employees?"
"Fire your government employees."
Abolishing the income tax. Now that really would be a genuine economic stimulus. But Mr. Obama and the Democrats in Washington want to do the opposite: to raise the income tax "for purposes of fairness" as Barack Obama puts it.
The irony is that the current economic chaos was spawned by greed. The generous, free money being given to the same greedy corporates is turning "bailout" into a cottage-industry. It's come to a point where if you are not asking for bailout and ordering lay-offs, your reputation as a CEO is at stake. Once the dust settles, we will have large companies where the best talent has been lost or demoralized during the "cleansing". All that would remain are sharp-clawed senior executives with the wily to hang on, engorged on all the free food.
The top down approach to tackle this economy fails to appreciate that it is the collective hunger of individuals that drives "growth". The lop-sided actions today focus on the corporation while continuing to render the individuals jobless, homeless and helpless.
It has been proven time and again that the "Government has no business to be in business". Instead, they can do a world of good if they focused their energies on providing the infrastructure and security for "small people" to keep working without fear. In any case, the average Joe does not depend on any bailout to keep himself and his family afloat in this flood.