Let’s get to the bottom line: Those claiming that their industry is too big to fail are those who are failures, failing in their basic responsibilities to plan, manage and innovate, most often accompanied by rewarding themselves with high pay and perks.
In the 1980’s, many large corporations were acquired by vulture capitalists, broken up and otherwise disposed of. Yes, hundreds of billions of dollars were sometimes wasted on acquisitions that proved worthless, except to the wheelers-and-dealers’ fees, although in far more cases reorganized leaner and meaner competitors emerged. American industries, and those who wanted to keep their jobs, were forced to adapt if they wanted to remain viable. The American economy prospered anew. Many millions of employees were dislocated, struggled, but American unemployment was at new lows as new opportunities were created.
Those lessons, like most, need to be relearned anew with each generation.
Today’s “too bigs to fail” are the US auto industry, state and local governments, and giant financial institutions. What do they have in common? Huge contributions to politicians, tilted heavily to Democrats. Also, in the case of car makers and government employees, the last redoubts of big unions and their huge contributions to politicians.
What do we have to show for it? Still, poorly rated cars from GM and Chrysler that fewer consumers want. Burgeoning employment by governments, while the private sectors’ employment shrinks, coupled with higher taxes to bail out deficits largely traceable to public pensions. Greed on Wall Street, spurred by government policies toward favored constituencies, that hides risky investments and then passes the liabilities on to taxpayers.
Meanwhile, we are told by those who presume to be our betters that these industries are too big to fail. BS. They have failed, are failing, and will continue to fail as long as they are insulated by protective regulations and bailouts.
Meanwhile, taxes are raised and to be raised on those most productive and small businesses that actually are the main creators of new jobs.
Today, April 15, is Tea Party Day across the country. Tea partiers are a diverse lot (actually better educated than most) united by resistance to government expansions into our personal lives and pockets at the cost of our future. Last July 4th, there was one event in San Diego. Today there will be a dozen, and the newspaper has published their places and times. Similar is occurring across the land.
Take your stand, or be knocked down by the biggees.
