The New York Times recently posted a table that tracks the spending of the $700 billion bailout bill passed last October (see Tracking the $700 Billion Bailout). It lists, line by line, each of the companies that received money and how many billions each got. Here is the top ten:
Free Market Capitalism Is Gone
I was against the bailout from the beginning (and I’m certainly against putting the US in another trillion dollars of debt as the Obama administration is proposing) but it really hit home when I saw the report above. Capitalism is an economic system that gives you the freedom to thrive and the freedom to fail. If you work hard and have a good business, the sky is the limit, but there are no guarantees. Yet, in that bailout bill of October 2008, the government hand picked companies that it deemed were too big to fail. And the complacent American people went along with it for fear of economic ruin preached by politicians on both sides of the isle.
Government Controlled Corporatism Is Here
With billions upon billions of tax payer dollars flowing into these companies now, of course, politicians, media outlets, and a great many Americans want a say in how these companies spend that money. “No corporate jets.” “Salary caps for executives.” Etc. This all makes for a dangerous mix of government and big corporations as I described in my recent article on Corporatism.