Ron Driver: Bailing out banks wrong
08/24/2014 8:00 PM
08/22/2014 4:42 PM
Regarding the Aug. 11 column “ Time for trickle-up economics”: As Paul Krugman states, income inequality is a big problem in our society and one that has the blessings of our leaders.
If the concern for this issue was serious, the taxpayers would have never been on the hook for bailing out the banks and financial world. It was unnecessary at the time and will prove to be a big mistake for our country. There is no such thing as “too big to fail” and never has been. Our economy would be years ahead by now if that same money spent had been simply handed out to the citizens and let the banks fend for themselves. The ones that failed would have been absorbed by the healthy ones and life would have moved on.
The money in the hands of the public would have been spent thus boosting the economy, increasing tax revenue and income at the same time. Instead, we have the banks sitting on the money and continuing the same practices as before while the consumer struggles with the outcome.
Yes, we have exploding income divide but it is not the tax system, it is the actions of the government at our cost.
Editor's Choice Videos
Join the Discussion
News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.