Tuesday, November 25, 2008
Good Old American Economics
I love American economics. We're all about capitalism, survival of the fittest, competition and self-correcting markets. Cries for deregulation are plentiful and market forces are expected to deliver punishing blows to those that misbehave.
But one subprime mortgage lending crisis later, we're finding that our nation is quickly becoming the Land of Failed Banks. But take Citigroup's word for it, the government won't let you fail! Even if you did make a few (read: a ton of) shitty decisions along the way. And so what if your short-terms gains are directly responsible for the ills facing the American market. And so what if the repercussions of your actions are felt around the world.
Apparently it would be unAmerican to let these banks fail. Even though many were up in arms whenever talks of bailing out homeowners were placed on the table.
The morale of the story is this: feel no sympathy for he who makes a mistake once, but show extreme mercy for those that have systematically ruined the foundation of the American economy and forced us to reevaluate what American dominance will truly mean in 2009 and onward.