Daily News Editorial
It really makes you wonder how sure-footed our economy really is.
Twice within the last week, the federal government has decided to bail out insurance and banking interests. Both times, the market stumbled that same day or shortly after. It really makes you wonder what would have happened had those bailouts not come.
It also really makes you wonder how much confidence people have in the federal government when it is itself $9.5 trillion in debt.
So who should bail out whom?
It’s pretty scary, when someone who owes $9.5 trillion offers to help someone else out with his debt.
What happened to the days when people were responsible for their own debts, when a person was judged morally by his or her word and payment of debts.
Are we in a totally different era where the truth and paying your debts are considered old-fashioned? What does that make someone who is honest in his or her business dealings? A fool?
We certainly hope not. As the federal government continues to bail out insurance companies and banks, it sends a message that it’s OK to not pay people what you owe. They’re saying it’s OK to continue with risky business dealings. If you make a profit by a roll of the dice, you win big. If you lose your shirt, that’s fine, the government will bail you out.
On top of all this, CEOs who fail to perform are given multi-million-dollar severance packages.
Is that a good message to send someone who fails miserably, or even worse, deceives the shareholders?
We need to set a new ethical standard for this country in its business dealings. Better yet, we need to go back to the old standards. If we don’t, and soon, we’ll all be drowning in a sea of debt, whether we created it or not.