Bailout rage doesn’t help anyone (opinion)
People need to accept that bailouts are a necessary evil in a time of unprecedented economic chaos caused by the coronavirus pandemic.
This argument came up in 2008, too. Some said we should let banks that took on too much risk tied to subprime mortgages fail.
Some people quickly forget that big publicly traded companies employ tons of average American workers, who will also suffer if their parent companies aren’t helped or saved.
Yes, conditions need to be attached to any federal aid packages. I wholeheartedly agree with calls to ensure that any company that receives a bailout should immediately suspend stock buyback plans and dividend payments and cancel any bonus payments for CEOs and other executives.
But the alternative to bailouts? Letting companies die? That’s scarier. And selfish.
Elected officials and everyday Americans need to realize that now is not the time for finger wagging, raising the proverbial pitchforks and doling out punitive actions. We all need to get through this crisis first. And we need to do it together.