Bailing on Bailouts
Any government bailout of either borrowers or lenders would have to be financed with money taxed from other people—and that would be utterly unjust ["McCain Joins the Bailout Bunch," "Capital Commerce," usnews.com].
Lenders knew—or should have known—the risks of making loans to individuals who had shaky finances and deserved little, if any, credit. And borrowers knew—or should have known—the risks of taking loans that they might not be able to repay. In either case, lenders and borrowers are responsible for their decisions and should bear the consequences of their mistakes (or misfortunes) on their own. Why should responsible, hard-working individuals who pay their mortgages and rents on time, or who already paid for their homes, be forced to pay also for the mortgage of others who defaulted on their obligations?
David Holcberg
Ayn Rand Institute
Irvine, Calif.
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Reader Comments
Bailing on Bailouts
David Holcberg is right on the money. Since when did it become my responsibility to help fix another person or companies incompetence? No matter what you hear about "predatory lending" both sides knew the risks they were taking. Just because your to stupid to read the contract does not mean it isn't your fault.
This argument can also be carried on to Social Security. What a major ripoff. Most Americans under 50 will never see what they put in. This also begs the question "if you weren't smart enough to save some of your money while you were working you expect everyone else to bail you out." Grow up.
Were Americans not a bunch of Socialists. We are supposed to be individuals responsible for our own welfare and not everyone elses. This government has turned half the population into a nanny state expecting the government to protect them the weather to being to stupid or just lazy.
Be careful what you wish for. Pretty soon all of the producers will get tired of taking care of you and leave.
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