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	<title>duncanriley.com &#187; bailouts</title>
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		<title>Bailouts</title>
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		<pubDate>Tue, 25 Nov 2008 06:45:06 +0000</pubDate>
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				<category><![CDATA[General]]></category>
		<category><![CDATA[bailouts]]></category>

		<guid isPermaLink="false">http://www.duncanriley.com/?p=1472</guid>
		<description><![CDATA[So the US Government bailed out Citibank. Add them to the long line of bailed out companies. They&#8217;re still blueing over the auto industry, but the likely outcome is more taxpayer dollars spent. I know I&#8217;m not alone in thinking this, but has the world gone crazy? Since when were Governments in the business of [...]]]></description>
			<content:encoded><![CDATA[<p>So the US Government bailed out Citibank. Add them to the long line of bailed out companies. They&#8217;re still blueing over the auto industry, but the likely outcome is more taxpayer dollars spent.</p>
<p>I know I&#8217;m not alone in thinking this, but has the world gone crazy?</p>
<p>Since when were Governments in the business of propping up failed companies?</p>
<p>If my business goes bankrupt next year, will the Australian Government bail me out?</p>
<p>I like the line from Romney on the auto industry: Chapter 11 bankruptcy is there for a reason. Why not use it.</p>
<p>A note of the political side: this is socialism at its worst coming from mostly the right, not the left, Australia and the UK excepted (although the UK is probably center right).</p>
<p>Big companies get tax breaks when times are good, but when times are bad the same taxes they avoided paying are used to prop them up.</p>
<p>The heads of the three US automakers flew to talks on a bailout in their private jets. Say no more.</p>
<p>I understand and respect the need to avoid a repeat of the Great Depression, but the message this sends to every person in small business who does it tough is beyond disgusting.</p>
<p>We live in strange times.</p>
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