Hello all:

Today I write about freedom, the idea that seems to have been lost in all the political back and forth about greedy Wall St. Bankers, stupid government liberals, etc., etc.

Americans have a wide variety of freedoms, some which residents of some countries covet.  Americans also have a wide variety of responsibilities which residents of some countries do their best to avoid.

I believe the greatness of our nation lies in its linkage of freedom and responsibility.   Example, one has the freedom to play the stock market, but if he fails, the responsibility to blame only himself, and to “get healthy” again by the sweat of his own brow (or brain), not by ginning up excuses for why others ought to bail him out.

This, in a nutshell, is why America is in the financial fix it is in.  I would not for a moment try to prevent a Wall St. banking firm from doing leveraged buy outs, “risky” investing, etc., etc.  I would prevent them from seeking to get ‘healthy” again on the backs of those (the taxpayers) who stood zero chance of profiting from their gambles if they said gambles succeeded.  Surely, if the bankers had succeeded, none of the wealth would have been given to those who are now being asked to bail them out.   I am conservative politically, but I would never dream of allowing, should I have the authority, the bail out of such firms.   Unless those bankers want to concede some of their profits when they succeed to those who would bail them out when they do not, they should stand or fall on their own.   As is usually the case, the feds are responsible for this mess, not because they didn’t guarantee enough risk-taking behaviors if they failed, but because they got involved at all.  The arena of stock market trading is the modern world’s version of the “Wild Wild West”, and those who are not willing or able to “shoot it out” should stay away from Wall St.  The fact that many choose not to take the proper measure of caution is almost entirely the fault of government’s implicit “guarantee” of certain areas of the financial markets.  What the government SHOULD say is that Wall St. is a “dangerous” place where only the most hardy and well-educated should tread.   CAUTION!

People should realize, for it is right and proper, that their freedoms come with responsibilities, and those who would dodge one, deserve not the other.

God bless.

Jim

 

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