Bank A wanted to help society by issuing low interest adjustable rate mortgages to people who had no jobs and were horrible credit risks.
Bank A was doing the “Lord’s work,” according to Blankfein, by making home ownership possible for poor people.
Of course, those same poor people ended up defaulting on their mortgages after the housing bubble imploded, which was created by the ultra low rate loans and super-easy credit manufactured by the Federal Reserve bank.
Doesn’t Bank A deserve to be bailed out at tax payer expense for doing “the Lord’s work?”
Doesn’t society owe a bailout to Bank A, who was simply trying to help poor people own their own homes?
Shouldn’t Bank A’s CEO get millions in bonuses for putting so many poor people into their own homes?
OF COURSE THEY SHOULD!
So, this begs the question of who should be made to pay for Bank A’s accomplishments.
Clearly the answer is YOU. Since Bank A was doing “the Lord’s work” on behalf of society, society must be made to pay for Bank A’s bailout at gun point.
While some of you may scream that this is tantamount to theft – I argue otherwise. Clearly it is not theft because government is the one doing the looting, therefore it is simply taxation. Theft is when you or I try to take money that doesn’t belong to us by force. Taxation is when government takes money that doesn’t belong to it by force (for the ‘common good’ of course).
Whether you agree with actions taken by the Fed or Bank A is immaterial. Government does all sorts of things that most people don’t agree with.
For example, if you don’t agree with funding the military occupation of foreign countries, you must still be made to pay for this because “society” has decided this is in your best interest whether you like it or not.
If you don’t agree with paying for other people’s retirements, you must still be made to pay for this because “society” has decided this is in your best interest whether you like it or not.
If you don’t agree with paying for the imprisonment of people who smoke marijuana, you must still be made to pay for this because “society” has decided this is in your best interest whether you like it or not.
There’s all sorts of things most of us don’t agree with, yet since elected politicians have decided you should spend money on these things, you must be forced to spend money on such things.
This is the only possible way to run society without it devolving into Somalia.