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I listened to the show last night, and could not believe the guy who suggested the government should guarantee private loans so businesses like his can get capital "for new projects". I also could not believe neither the host nor Randall Pozdena questioned this in any way.
What the caller was suggesting was that private investors be able to collect their interest on these loans WITHOUT ANY RISK since Uncle Sam would back them up if these "projects", started during a recession, happened to fail and the loan was not repaid. In other words, he would like to borrow the logic of the investment banks who took on exhorbitant risk, only to have we, the taxpayers, keep them from failing.
Um, no thanks. I've have enough subsidizing other peoples profits and bonuses, thank you very much. While I am all for seeking efficient ways to stimulate the economy, and not opposed to tax incentives, I am not interested in giveaways. And I am interested in providing something of value to the public (the taxpayers), such as improved highways, bridges, railways, energy grids, schools, parks -- all those things that we keep reading are falling behind in repairs.
Also, part of the reason capital may be hard to come by is that new ventures seeking capital look very risky in this economy. If thats really the case, should we be throwing public money at them?
posted 4 years, 3 months ago
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