There is a lot of debate about what he should have done. I know it is a lot easier to say what doesn't work than what does. I have been learning a lot about Austrian economics (and yes, I am still learning) which has the philosophy that the economy is the strongest in a Democracy when the free market has less government control. The government should enforce contracts but otherwise should keep its hands off the economy.
Let bankruptcies happen. Chapter 11 is designed to save companies, not destroy them. The pain is great in the short term but they are done. Propping up companies that couldn't keep themselves in business works in the short term but in the long term the underlying problem remains and the government will be stuck with its finger in the dike for years. It is a band aid on a severed artery, rather than proper surgery.
The current system leads to government control of private enterprise which scares me in a very Orwellian way. I do not trust the government. The founding fathers didn't trust the government which is why they wrote in so many ways to limit its power.
Unfortunately the power of the Presidency has grown ever more powerful over the last number of administrations and a great deal under Bush. It is very far out of balance from how the Constitution says it should be. That is an entirely different issue though.
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branchandroot
no subject
Date: 2009-06-01 07:08 am (UTC)Let bankruptcies happen. Chapter 11 is designed to save companies, not destroy them. The pain is great in the short term but they are done. Propping up companies that couldn't keep themselves in business works in the short term but in the long term the underlying problem remains and the government will be stuck with its finger in the dike for years. It is a band aid on a severed artery, rather than proper surgery.
The current system leads to government control of private enterprise which scares me in a very Orwellian way. I do not trust the government. The founding fathers didn't trust the government which is why they wrote in so many ways to limit its power.
Unfortunately the power of the Presidency has grown ever more powerful over the last number of administrations and a great deal under Bush. It is very far out of balance from how the Constitution says it should be. That is an entirely different issue though.