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.
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