Declaration of Independence

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. - That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed.

Thursday, March 16, 2023

Should the Banks Be Bailed Out?

The liberty principle for this Freedom Friday concerns the failing banks. The Silicon Valley Bank and several other financial institutions have failed over the past few days. President Joe Biden said that he would not bail out Silicon Valley Bank, but he lied. The bailouts have already started. Jarrett Stepman posted an article at The Daily Signal with further education. 

The official reason for the bailouts is to prevent a general banking crisis, but no doubt it’s also being done to save the bacon of some very wealthy organizations and people.

Should we just hand taxpayer money over to these companies?

My answer is no. By bailing out the banks, the government sent a signal to the banking industry that they can be careless with their businesses because the government will back them. I say, let them fail. Stepman explained that there are two big problems with the bailouts.

There are two major problems here. First is the hazard of allowing massive, wealthy companies to take unnecessary risks because they can get taxpayer money. The second is how America’s corporate and financial institutions have gone woke.

Why should the average American do anything to help institutions that fund extreme social and political causes they abhor?

A database created by The Claremont Institute Center for the American Way of Life found that Silicon Valley Bank donated over $73 million to Black Lives Matter and related left-wing causes.

It appears that Silicon Valley Bank went woke and then went broke – and other banks followed their example. They should all be allowed to fail and not be bailed out.

No comments:

Post a Comment