Daddy’s Done It Again
My father bought me a car after I was a legal adult. Yes, I’m one of those. But it was under extreme circumstances.
It was my second car, I was in college and my first vehicle - a Subaru Legacy that I still think fondly of - hadn’t passed inspection. Though I was working two jobs at the time, there was no way I could afford any four-wheeled vehicle, and so my dad bailed me out.
There’s a time and place for good parents to get involved in even their adult children’s lives. Under certain circumstances, I am all in favor for a little financially-geared parental affection.
But not when the kid did something over-the top stupid and/or illegal that affected millions of other people. At that point, you leave them to fend for themselves, giving them nothing more than a shoulder to cry on.
It’s called tough love. And guess what? It largely works.
So why am I bringing this up and how in the world does this topic belong on a financial blog? Easily. It fits with the news skittering around websites and fellow blogs everywhere right now. Yes, I’m talking about the same annoying topic: the financial sector.
Because late last night, the Fed did it again. At the expense of taxpayers it did exactly what parents everywhere do to their problematic, no-good children who refuse to grow up and accept responsibility for their actions; it bailed the American International Group (NYSE: AIG) out just as it bailed out Fannie Mae and Freddie Mac and Bear Stearns before.
Why? Like any parent, they have their reasons. Maybe they honestly think it’s for the best. Or maybe they’re sick of hearing all of the whining and begging and just want some peace and quiet.
In all fairness, the Federal Reserve doubtlessly believes they have good reason to do what they did. And let’s be even more impartial and admit that they largely would have been damned if they did and damned if they didn’t.
But as harsh as it may sound, that doesn’t excuse their actions. Yes, the American public would have suffered if they hadn’t taken action. But guess what? We’re going to suffer all the same, just at a later date.
Which is better?
Personally, I’d rather get it over with.
http://www.smartprofitsreport.com/archives/2008/countrywide-financial527.html
Wednesday, September 17, 2008 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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