An Alternative to Bailouts – Let Companies Fail
July 15th, 2009 | 5,231 views | 2 Comments » | TweetI discovered an interesting video on YouTube a few days ago and I thought I’d share it.
From the video description…
Peter [Schiff] continues his ongoing rant against stimulus packages, bailouts and increased government debt. Peter goes on to say, once again, that saving is the prudent action at this time, continued spending will result in the propping up of these failing companies.
CNN claims to lose the signal and the interview ends prematurely.
I totally agree. Although I also think that this guy’s views (like my own) are also influenced by just a little bit of schadenfreude, the slightly sadistic delight of watching one of the largest economies in the world implode. Also, I love the “surprise” at 4:10.
I don’t necessarily want to see the U.S. economy implode — that wouldn’t be good for anyone. People would suffer and that’s never a good thing.
But, I do want failed companies to be allowed to fail without the government stepping in. That’s the point of capitalism. That’s the whole point of America. With the freedom to make boatloads of money also comes to freedom to lose boatloads of money. We can’t allow the one and disallow the other. We shouldn’t be afraid to see companies fail — this is normal, to be expected, and healthy in a free economy.
So, yes, I do want to see poorly managed, unprofitable, useless companies be allowed to fail. But not the whole U.S. economy! Yikes!