It's also basically what we did in 2008 when we bailed out the banks and other companies that were failing.
Extreme scenarios call for extreme solutions. If companies want to be based in America and be saved when crises occur with our taxpayer dollars, they are duty-bound to rise to the occasion when we call.
This is one of those situations. As was World War II.
It's hilarious to me that people are totally fine with their tax dollars going willy nilly to major corporations (many of which have been financially reckless with buybacks and the like instead of prepping for a rainy day), yet are totally against the government telling them what to do when absolutely necessary.
Every American citizen and every American company has a duty to perform to protect this country and its citizens. I am not what one would consider a patriotic or crazy rah rah American, but I absolutely believe this. And if you don't like this, either as a company or citizen, then GTFO.
The worst are these f***ing cruise companies, that have purposefully anchored their business offshore, in poor nations, that act as tax havens. Now they are calling for us to bail them out because those poor tax havens won't, yet they are not even American companies anymore and pay near $0 in taxes. Just f***ing despicable and they can all fail IMO.
I am in total agreement. Privatizing gains and socializing losses.
I get certain industries need money, okay let them take out a loan just like the rest of us have to do and pay a similar interest rate. If instead they want to give out equity in their company, fine.
In my opinion the worst is the airlines. They are already heavily subsidized, recorded big profits, they've taken and made stock buybacks, paid their execs obscene amounts, treated their customers like... well cattle with fees on top, and here they are with their hands out.
Does the airline industry need to function for the general economy, 100% yes, do those who treat their customers as such, then lose a bunch in stocks with their buyback deserve to get super low interest loans in this without giving up equity or by paying a rate the normal person would, 100% no in my opinion.
The only reason the banks have liquidity is because of laws that made them have it, maybe it's time for similar laws to be enacted for those industries who are deemed to big to fail?
I refrain from putting my opinions out about the virus, I hope the
least worst case scenario happens, yet the response economically from government, on top of what the Fed is doing seems like fair game for me to criticize even if the timing may not be exactly appropriate. That goes for both sides of the aisle, where I wish there was a middle aisle.
/rant
