RSSBye Bye Billions Bye Bye
J.J. Jackson | November 4, 2009
FLUSH! Hear that? That is the sound of $2.3 Billion of TARP dollars going bye bye down the drain. Yep, it is gone … wave goodbye.
CIT’s bankruptcy filing, despite getting those billions proves a few obvious lessons to be true once again. First is that failing businesses will fail no matter how much money you throw at them and that not even the deep pockets of the government can prevent that. They may delay it, but they cannot prevent it. Second is that bankruptcy is a good tool for businesses that have gotten themselves into trouble do to 1) bad management and 2) getting in league with the government and doing stupid things on its behest. And finally it proves that the government really doesn’t know how to spend our money better than we do as shown by the fact that the bailout was supposed to help them not get into this situation in the first place.
Yes, isn’t it great to know that you’ve been had? I say “you” because I warned you that stuff like this was the inevitable result of this sort of fiscal insanity by the federal government. But so few listened from the voting public to the brianiacs in Washington DC. All I can hope for is that next time government tells you that they know what they are doing and that what they are doing will help and that they will recoup their “investment” that the rest of you out there in America will listen a little more intently and understand that you are being lied to.
Next time let’s just let the failing companies fail and stop flushing our hard earned money down the toilet at the urging of the socialists.
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