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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Best of Andy Sutton
September 19, 2012
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There have most assuredly been thousands if not tens of thousands of articles written regarding the inequality of bailing out banks and multinational corporations at the expense of Main Street.  These instances have been so obscene in several cases that employees of one large bank were issued weapons and carrying permits because of the fear of backlash.

Meanwhile, back at the ranch, the average America is choking on their debt.  Whether it is in the form of an underwater mortgage, student loans, credit card debt, car payments, or some other type of debt, it seems that almost everyone has some.

There is a point certain at which even the most foolhardy of economic actors will decide that they just can’t take on any more debt.  They’ve already used Visa to pay off the MasterCard and are now coming to the realization that they just can’t do it anymore – or at least not like they were before.

Let’s say for a minute that the big Wall Street megabanks would have been allowed to fail and that all the money wasted allowing banks to continue their existence had been used to wipe out the debts of Main Street.  The inflation created would still be the same.  However, with 300 million Americans relieved of their debt, the shackles on consumption would have been removed.  Understand I am not advocating the bailout of folks who made poor financial decisions, but am using this merely as an illustration.  People certainly would have felt a lot better about continuing to increase consumption if their debts were gone, much in the same way banks had no problems continuing their risky behavior once the American taxpayer was put on the hook for the consequences of that risky behavior.