LETTER: Reader warns to beware of the zombies
At the present time, President Obama and his Treasury Secretary, Tim Geithner, are attempting to “bail out” or “nationalize” Citibank, Bank of America, and several other big name banks. They say that the banks are “too big to fail”. So, they continue to feed them hundreds of billions of precious taxpayer dollars.
This is not what they should be doing. In fact, it is the exact opposite of what is needed. A free market economy operates according to natural laws just like crops growing in an orchard. When a fruit tree dies for whatever reason, it is burned for firewood and room is created for a new fruit tree to grow and blossom. New trees replacing dead and dying trees allow the continuation of steady dependable fruit production.
In banking, the time periods are longer, but the cycle of life and death is nevertheless natural and inevitable. Banks do die. They suffer from many ailments, including poor management, excessive greed, corruption, and becoming too big. Yes, banks can be too big and have too much power for their own good.
When banks become unable to function, like bad fruit trees, they need to be removed to make room for newer younger more efficient banks to rise up. The nation needs new energetic banks to serve the needs of the economy.
The banks at which we are throwing taxpayer money today are already dead. They died from decades of poor management and massive hubris. But they have grown so fat and absorbed so much of our money that they continue to stumble around like giant zombies; not really alive, but un-dead. As they stomp around in their zombie-like stupor they run over and kill off the smaller younger banks that are naturally rising up to do the nation’s business. Half dead and half alive, they are a danger to us all.
President Obama, let them die a peaceful death. It is a necessary part of healing America.