No Bailout For Corporate Gambling Debts

RE: Financial Bailout Plan Opposition

I know your time is valuable, but I must speak up at this time.  I want to record my opposition to the bailout as described by Secretary Paulson and Mr. Bernanke.

It is my opinion that the bailout is in opposition to the capitalist system that we rely upon.  Such a bailout simply rewards those individuals who were too greedy to establish solid financial planning.  There are thousands of U.S. businesses that are not on the verge of bankruptcy today due to their diligence and fiscal responsibility.  Instead of rewarding the huge gambling losses that these people racked up, we need to focus on supporting those fiscally strong companies through government backed loans to those who wish to fill the gaps that would be made by the failure of the weak ones.  I would trust my tax money to those companies who are responsible over those who took my money for services and lost it on a gamble.

I certainly understand that there will be a financial impact throughout the economy, but we cannot be so afraid of it that we abandon the principles that make this country strong.  The United States is a strong country and we will pull through.  In a capitalist society, the weak companies will fail or be taken over by the strong companies.  That is how it should be.  Government should create regulations to make sure that company executives are properly held accountable for mismanagment or fiduciary irresponsibility.  Companies like Bank of America can step in at times like these and take advantage of the situation because they planned properly throughout the years and are a strong company.  By bailing out those who gambled and lost, we set the precedent that if you gamble big and lose big, the government will bail you out.  If you are fiscally responsible and lose, then tough luck, that's capitalism.

Again, I realize that not bailing out those institutions will lead to multiple financial shockwaves as they fall, but I believe it will lead to a much stronger fiscal mindset in company executives in the future.  That, I believe, will lead to a much stronger United States of America.  After watching the events of the last two years unfold, I believe we all want a stronger financial system in the U.S.

I thank you for your service to our community and our country in the Legislature.  Have a great day.