With yet one more tale of “U.S. Super Treasury” coming to the rescue of yet one more entity, one can’t help but begin to wonder if there is any business sector or industry NOT too big to fail in today’s world. AIG, Bank of America, Citigroup, Goldman Sachs, and Morgan Stanley; Fannie and Freddie and the entire mortgage lending industry; credit card issuers, car loan providers, student loan suppliers; and the latest – the entire automotive manufacturing industry (Ford, Chrysler, GM, you name it). They are all just too big, too important, and too essential to the health and wealth of our economy to not be rescued. Or so the story goes.
Well, fear not fellow tax paying citizens, there are still some small things we can let collapse on their own. We needn’t be concerned that we’re rescuing everyone. Libraries, schools, hospitals, mental health care facilities, and plenty of small businesses are just a few – a few which, in fact, tax payer money once kept alive and well before we had to re-prioritize our priorities and help out all of those “big boys”. Their failures are too big, so we must let them fail. The rest can fend for themselves.
blahg, blahg, blahg... 