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Reply #18: the government steps in [View All]

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Two Americas Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-30-08 07:40 AM
Response to Reply #5
18. the government steps in
The government becomes the lender and employer of last resort.

Farmers at one time couldn't afford land and the capital needed each year for operating expenses. The government stepped in and directly solved the problem, so we could all keep eating. Guaranteed loans, work projects, training, subsidies, improved infrastructure, and other supports.

The government did not tell the financial institutions to go hog wild investing in ag property, and then when loans went bad because of an orgy of greed and speculation, make good the losses of the financial institutions and let the framers be thrown off the land and the people go hungry.

The choice was this: protect the financial industry and lose farms or protect the farming industry from the financial industry and the free market. The government did not say that by protecting the financial industry from its own mistakes, that the farmers would somehow be magically helped by that. True, if the farmers had been unable to get credit, they would have gone under and we would have had dogs and cats living together and God knows what sort of meltdown.

Help the banks and destroy the farmers, or help the farmers and rein in the banks and do the job they are unwilling or unable to do. Easy choice. We face the same choice today.

We have solved these problems before, and the only thing standing in the way now is the pernicious and pervasive free market ideology that puts the cart before the horse and has everyone unable to understand or attack the problems directly.
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