In response to the article on the Business Outlook conference Feb 4th.
About 150 years ago the 16th president of the US made a statement that still applies today; ‘You cannot help man by doing for him what he can and should do for himself.’ – Abraham Lincoln
The current US governments position to bailout industries and financial institutions is simply taking money from the successful and giving it to those who are proven failures and can not properly handle finances.
We need someone that will reinstate US banking regulation that was abandoned 10 years ago giving financial institutions ‘carte blanche’ with money (mis)management. The US should not set a bad example nor should they try to impose there ill-conceived programmes on the rest of the world.
It would be best to let capitalism fix itself rather then attempting to socialise these industries with tax dollars.
A recent statement from the administration; ‘Buy only American’, an isolationist inference, would only serve as a death sentence for the country since the American existence is dependent on about 80 other countries for goods, services and food.
As for recent programmes being formulated being partisan posturing, they are better described as the result of ignorance of history and a lack of common sense. These ideas have been tried in the past and failed. Example: the depression of the 1930s.
The US should make reparations to their own financial mess before even suggesting what other countries should do about banking policies or anything.