Nationalization of US Industries

The US has set a terrible precedent for American Industries. Comparisons between the US Treasury Department's bailout of Freddie Mac and Fannie Mae are comparable to Chinese and Russian Socialism. There is no need for a collective ownership of financial institutions in this country, the same as we don't need collective ownership of any other industry. The free market will correct the unscrupulous lending practices of the banks when they know there is a risk involved in making those loans. If there is no risk, there is no means of restricting them from making further reckless decisions. The Federal Reserve bailout of banks has already cost hundreds of billions of dollars upfront, plus the interest that will be paid down the line, not to mention the immediate effects of inflation on everything from gasoline to food to clothes.

Government intervention in the banking process strips the risks involved in banking. It rewards the bankers for their selfishness. It hurts those who were financially smart enough to not take out ponzi loans to finance homes they couldn't afford. How are they benefited now when the government is bailing out unscrupulous lenders with their tax dollars? How about those who were trying to save up for a home but due to the artificial inflation in housing prices their median income never caught up to the median housing price. How are they benefited when the government bails out unscrupulous lenders with their tax dollars? This reckless policy of bailing out banks will exacerbate the situation much like FDR's New Deal exacerbated the Great Depression by dragging out the time until recovery began.

This joint effort by Democrats and Republicans is just another reason to get a third party into power that represents the American people, that understands the limits of Congressional interference in a free market. We need a Barry Goldwater, an advocate for "out of my pocket, off my back and out of my way."