I read a recent article regarding the TARP of Troubled Asset Relief Program posted recently in the LA Times. I can’t help but watch with fear and amazement as government leaders look for additional ways to spend money without real responsibility. The remaining 350 billion dollars seems to be only a prelude to more rash spending and more expensive band-aids in the future.
Although I don’t agree with O’Reily’s tactics, it seems his conversation with Frank Barney is a perfect demonstration of what we’re up against in government spending. Check out this video clip to see what I’m talking about.
http://www.youtube.com/watch?v=7adJ85MSaFg
I’m concerned that what we’re facing is a TRAP, that is a Troubled Relief Asset Program.
I’m frankly quite tired of seeing people point fingers and try to fix the problem with huge, expensive packages. If I screwed up in one of my businesses, I pretty much need to fess up and face the reality of my decisions. I may request mercy wherever available, but at the end of the day, I have to balance my budget or I must close my doors and let someone else try to service the market. I missing something in terms of Government Governance?
Hey Johnny,
I registered for this sight just so I could respond to this post. Sorry in advance for any emotion that mention of Bill O’Reilly evokes.
First, the word “conversation” in reference to The Factor seems a bit optimistic of you. The youtube clip certainly didn’t show much conversing going on in the traditional sense. But you’ve already disdained the “tactics” so I’ll end that thought there.
Second, Barney was absolutely right that he said EXPLICITLY that Fanny and Freddie were a bad investment. And somehow O’Reilly thinks that those words infected investors with a need to buy stock in those organizations. Hard to know what to say if you’re going to be accused of inciting action OPPOSITE of your words. Hope Frank is up to it. And if pointing fingers is what you’re tired of, I wouldn’t start looking for Bill O’Reilly to take the higher road.
Third, I appreciate in principle the need for businesses to take responsibility for their failing, fraudulent policies. I respect and believe that if you faced a similar situation you would man up to it. But consider if your failed business happened to employ several hundreds of thousands of workers who depended on their jobs at your crappy company for their livelihood. Your manning up puts them out of a job. And say failing companies around you are manning up in the same way. Their workers now compete with your workers for whatever jobs are left at sound companies. Thank you for taking responsibility, but what they’re prefer is to be able to send their kids to college.
The piece that you are missing in terms of government governance is that one decade of poor government oversight leaves the following decade to review policy as well as the citizen-victims in homes and in college and in jobs.
To shed further light on this issue, please see The Grapes of Wrath by John Steinbeck.
Take care!