Bailout: I hate it. I think it’s a terrible idea. When the problem is too many loans, too many bad loans, too many loans that can’t be paid back, etc., the last thing the government should be doing is giving money to banks so they can keep making loans. We don’t need more loans, we need less; and we need more savings.
Below is a video by an economic guy named Peter Schiff. I don’t know much about him, but I like what I know. Here’s a long video of him that apparently includes clips from 2006 and 2007. I’ve only watched the very first quote he gives (goes up to the 1:15 mark or so), and he is spot on:
“Sometimes medicine tastes bad, but you gotta swallow it.” Agreed.
Schiff, by the way, was an economic adviser to Ron Paul during this year’s campaign.