Bailouts & Bullshit
Last Friday John Stossel’s special TV investigation ‘Bailouts & Bull’ aired in the States – but TV3, who have the rights here in New Zealand, won’t be airing it here. Why?
Stossel points out that the US bailouts and stimulus will be costing each American worker $16,000 each -- $16,000 with which they could have stimulated their own personal economies.
He talks to economists who say we should just let the bubble burst: that the market needs to self-correct.
That more government action only causes more damage.
That it was the government’s own policies and organisations who inflated the bubble, and the government is not the answer to it – especially if their best answer is to reinflate it.
That instead of increasing spending, government should cut spending.
That all the action promised by the government only impedes and delays the necessary private action from investors and entrepreneurs . . . just as it did in Great Depression I.
And it’s not just about the Bailouts themselves– Stossel dynamites plenty of other bullshit too, like what the “stimulus” is being spent on!
Watch all six parts of the Stossel Special below. It’s the best thing you can do today.