Who bails out the US government?

Christian Science Monitor
by Leon E. Panetta & Bill Frenzel

11/05/08

Just as homeowners and financial firms have been living beyond their means, so, too, has the federal government. The question then is: Who bails out the US government when Washington overspends? Unlike when a firm is in danger, if the US government collapses there is no backstop; there is no one to bail us out. What the government needs is a plan that puts the US on a gradual path to bring the budget back into balance before a financial crisis larger than this one forces us to. Though the $700 billion package comes at a time of need, it comes also at a time when the government’s finances are weak. The danger is that in trying to bail out one exploding economic bubble the nation may be creating another debt bubble that will ultimately explode...

//www.csmonitor.com/2008/1105/p09s01-coop.html



Now we’re bailing out the auto companies? Who’s next

Pajamas Media
by Daniel Mitchell

11/03/08

Unfortunately, very few people are asking whether it is a good idea to let politicians and bureaucrats intervene in private markets, and this is the fundamental issue — regardless of whether they are trying to hurt companies or help companies. The absence of any adult leadership, combined with the precedent created by the Wall Street bailout, seems to have triggered a feeding frenzy in Washington. The auto industry is first in line, but it may just be a matter of time before every poorly-managed and uncompetitive industry looks to line its pockets at the expense of taxpayers...

//tinyurl.com/6f34of


Informant: Thomas L. Knapp



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