Businesses should be allowed to fail if they lose money. It is amazing to me that GM was not allowed to go out of business and the same is true for any other business that is losing money.
Uploaded by PenguinProseMedia on Dec 28, 2009.
I got this following part off of youtube:
In the video clip above Milton Friedman explains the necessity in a free market system of allowing unsuccessful businesses to go bankrupt w/out the government bailing them out. Profit/Loss system where the consumer decides who wins, NOT the federal government.
The same misguided arguments for a government bailout of GM made 30 years ago are being made today by President Barack Obama and the other statists in congress.
I hope there are more people out there as concerned as I am about this Administration’s assault on the free market. We need more Milton Friedmans in public policy today making the case for free enterprise and forcfully advocating on behalf of the market. We need more voices sounding the alarm about the ever-increasing attacks on our nation’s creators of wealth–small business.
The barons of big government in Washington are replacing our nation’s history of free-market capitalism with Crony Capitalism, where success depends not on your ability to produce a product the consumer wants to buy, but on how many lobbyists you have in Washington to force taxpayers to subsidize your company.
I agree with Milton Friedman 100 percent that government bailouts are an abomination and a disgrace.
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