Bailouts, Fed Up USA, and the Perspective of History
I’m a homeowner trying to sell my house at a bad time, a time when no one can get the credit to qualify for a loan, so you’d think I’d fall on the side of bailout bills and rescue plans. That would be the fastest route, it stands to reason, for me to unload my extra house.
On the other hand, I’m also a historian. I’ve studied one nation or culture after another rise and fall. Each makes stupid economic choices in fat years, and surprisingly enough, pays for those short-sighted choices eventually. The first lesson every historian learns is that history repeats itself. No country or nation has ever been immune to the eventual consequences of their own choices. And swallowing comfortable lies only prolongs the buildup, and therefore the impact of the smash when the whole teetering structure finally comes down.
So, despite the fact that arguing against a bailout could possibly qualify as shooting myself in the foot, that’s still the stance I’m taking. Better to lose a foot then pretend the gun’s not loaded and hand it off to my kids as a gift to their future.
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