Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

March 11, 2009

Ruining Our Economy Is A Domestic Matter — No Foreigners Allowed

by Brad Warbiany

From a NYT story about new banking regulations attached to the bailout funds (and the desire for some of these banks to now return the money):

The list of demands keeps getting longer.

Financial institutions that are getting government bailout funds have been told to put off evictions and modify mortgages for distressed homeowners. They must let shareholders vote on executive pay packages. They must slash dividends, cancel employee training and morale-building exercises, and withdraw job offers to foreign citizens.

As public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.

Now, I understand canceling employee training. After all, you wouldn’t want to teach the people who got us into this mess to change their behavior. When nationalization is complete, they’ll be government employees, so no accountability is necessary! And morale-building is also out — they should be happy following the dictates of Dear Leader, and no morale building should be necessary for our properly conditioned citizens subjects.

But withdrawing job offers to foreign citizens? Do we really need another protectionist dictate coming out of this administration? Don’t we want to extend jobs to the most qualified of anyone who applies, not limit this to only Americans? This sounds like exactly the sort of provision I’d expect from the Bush administration and Republicans, and we’re supposed to believe that this is Change&#153?!

Hat Tip: Economist Free Exchange Blog

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  • Norm

    How long till we see the 1st bankers going Postal?

  • Rob in Michigan

    Brad,

    Your post is stupid. The whole point of the bailout money was to “bail out the financial sector”… not give bonuses, not work on team-building excerices, not give executives free money to do with as they would. These funds had a very specific purpose… to improve their balance sheets so that there would be confidence in investing in these institutions and to lend credit, especially to small businesses. You apparently believe that the greedy Wall Street sharks who’ve gotten fat on the teet of the economy and then helped sink it through greed and esoteric accounting schemes (for that is exactly what derivitives sound like to me) should never-the-less feel free to take our tax dollars and spend them whereever they feel. Thanks a lot, but no thanks. If the banks can’t handle the regulation and want to return the funds, they never needed them in the first place, so why did they apply for “BAILOUT” money if they weren’t in financial trouble? Kiss corporate butt on your own dime.

  • http://thelibertypapers.org/ Brad Warbiany

    Rob,

    I’ve got no problem with attaching strings to the money. My only request is that the strings make sense. My flippant responses regarding retraining and morale-building exercises were largely in jest.

    Where I really become upset is when they use this bailout as an excuse to put in protectionist measures closing our borders to qualified foreign workers. There’s just no good reason for it, and this protectionism is showing up as part of a pattern in Obama’s administration — from the “Buy American” steel provisions in the stimulus bill to the noises about renegotiating our free trade agreements, and now this.

    Protectionism is NOT a good idea, and restricting the labor pool for these banks will not help them solve this issue.

  • Rob in Michigan

    And, I would completely agree with that portion of your post… if only you didn’t have to dip into the Partisan (with a capital ‘P’) pool with:

    “Now, I understand canceling employee training. After all, you wouldn’t want to teach the people who got us into this mess to change their behavior. When nationalization is complete, they’ll be government employees, so no accountability is necessary! And morale-building is also out — they should be happy following the dictates of Dear Leader, and no morale building should be necessary for our properly conditioned citizens subjects.”

    Which seemed to indicate you weren’t so concerned with discussing the impact of protectionism, so much as repeating the whole “THE ONE”, “Obama is a secret Socialist who can single-handedly destroy America ’cause Libruls are evil and godless and hate our country” B.S.

    And, this is spoken from a mostly moderate independent. Sorry, if I sounded a bit miffed, but to be honest I was, because your last point actually has a lot of merit.

  • Akston

    Rob, if you sample Brad’s other posts, I think you’ll find that the last thing he’ll seem is partisan in any Democrat/Republican way. He was just as willing to criticize the policies of President Bush as President Obama.

    From a libertarian point of view, both administrations are shaping up to be pretty similar.

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