I'm concerned about the billions that are being spent by our government to rescue the financial system. As a former economics major, I understand that the financial system is vital to the functioning of our economy. Yet it is clearly the banking industry itself that created this problem, with the assistance of complete trust in "free markets" by our government.
Those who want to continue "free market" philosophy should consider a world without bailouts and periodic, deep depressions in our economic future. The United States has long been a boom and bust economy.
However, since our government appears to be headed in the direction of taking a more active role, it is critical that taxpayers get a fair deal. The bailouts must be structured with consequences so that shareholders and executives share the cost. Some banks should be allowed to fail
The extent of the bailouts at this time of crisis may even mean temporary nationalization of some banks. However, this should only be temporary. And if tax-payer money is put at risk, we should also share in the rewards once the banks return to profitability.
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