Taxes and bailing out the financial industry
I recently heard my stock market savvy friend explain to me how important it is for us to save our banks with tax payer money.
Soon after my same friend complained about the increase of taxes in the state of California. His logic was that we pay enough taxes already and so why should we pay more.
So I guess when it comes to MY stock market investment I would like the tax payer dollars to bail me out, but when it comes to paying more taxes I will say NO (hahaha).
I personally feel bailing out the any industry using tax payers dollars is anti-capitalistic. Stocks will go up and down and nobody is going to guarantee it's constant upward growth. The way to make money is to exactly predict when it will go up or down, so this is a gamble, and when you gamble be ready to win or loose.
Capitalism does provide a way out by declaring chapter 11 bankruptcy and getting the house in order before moving forward.