Government Takes Huge Step Towards Owning Everything
Posted by jemartynowski on May 20, 2009
I know my brother, my dad, and everyone else will tell me I’m stupid for supporting the free market on this one. When they think of things like the credit card industry and how they charge huge rates on people who default or miss payments, they immediately say, “those people are getting screwed.” So obviously, it must be good, in their eyes, that the government is stepping WAY beyond their constitutional authority to regulate the credit market. They are protecting the innocent civilians.
This thinking is why we are on a straight track toward fascism. We cannot expect the government to come in and fix all of our problems. If we are stupid enough to screw up a credit card or miss a payment on something, there is a reason they make us pay those huge rates. If they do not, the company loses money. Lots of it. Now, we all know these companies are not going to lose the money the government is telling them to lose. They are not in the business of charity. What does this mean for you, the timely-paying, upstanding credit customer?
You are paying more. From now on, you will have to pay more to borrow, which means you will probably do less of it. Which means the economy will not have you contributing as much as you have in the past. It also means, if you are a business owner, you will have less money for innovation. It means, if credit is cheaper to those who default more, they will borrow more, which is obviously bad for the economy.
When the government interferes, they make things worse. The world is not perfect. It never will be. But every time the president says, “we have to…” insert thing here, he’s trying to stifle the free market. And when he does that, he only creates a situation that needs more regulation. And more. And more.
The free market may allow for some people to get completely screwed, and I do in fact feel sorry for those people. But I ask you this: is it better to save some people from bad credit than to live in a country that does not allow for innovation, stifles creativity, and eventually squashes the individual?
Sadly, I think I know the answer many people would give.
This entry was posted on May 20, 2009 at 8:08 pm and is filed under Capitalism and Politics, laissaz-faire capitalism, Socialism and Democrats. Tagged: Capitalism, Congress, fascism, free market, New Credit card laws, president obama, Socialism. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.