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Tuesday, December 02, 2008
Not all politicians support bailouts
Two Governors of American States wrote an op-ed in the Wall Street Journal. Governor Rick Perry of Texas and Governor Mark Sanford of South Carolina both oppose bailouts.
An excerpt:
In a free-market system, competition and one's own personal stake motivate people to do their best. In this process, the winners create wealth, jobs and new investment, while others go back to the drawing board better prepared to try again.
To an unprecedented degree, government is currently picking winners and losers in the private marketplace, and throwing good money after bad. A prudent investor takes money from low-yield investments and puts them in those that yield better returns. Recent government intervention is doing the opposite -- taking capital generated from productive activities and throwing it at enterprises that in many cases need to reorganize their business model.
Posted by Hugh MacIntyre on December 2, 2008 in Economic freedom | Permalink
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