20/20 Hindsight Shows People Feel Bank Bailout Bad for Business – Dave’s Diary
According to a new Rasmussen survey of “likely U.S. voters,” 56 percent believe the financial industry bailouts were bad for the United States. How can that be? We “had to act” didn’t we? Isn’t that what we were told?Remember the phrase “too big to fail”? We were guaranteed that if these financial institutions failed, they would bring down the entire economy. Many didn’t believe it then and less than half do today.
The national telephone survey also found that only 26 percent think those bailouts were good for the country. Eighteen percent are not sure. Free market thinking would lead you to believe that if we had let one or two of them fail, stronger players would have bought the failed banks’ assets and re-deployed them to more productive means much more quickly than what has happened by propping up the weak players.
Money experts say the markets have a way of cleansing themselves and we’re still paying for interrupting that process. So…what ELSE have we been told with similar authority and conviction….we won’t add a penny more to the deficit with Obama Care…hmmmmm.