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Thursday, November 20, 2008

The Final Score

Bailouts Threaten Our Nation's Dignity

David Asman

FOXBusiness

As we look at the shameful absurdity of auto executives flying into D.C. on private jets to get public bailouts from cash-strapped taxpayers, I thought of the late, great economist Milton Friedman and what he had to say about public spending. Here are his words, from an interview I did with him four years ago:

“There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then, you really watch out what you’re doing, and you try to get the most for your money.

Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost.

Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch!

Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government.”

And that’s what we’re getting further into. And that’s why if we don’t stop buying into this fairly tale world of magic, cure-all bailouts soon, we could not only lose our national treasure, but we could also lose our dignity as a nation.