I’m guessing the SC didn’t take Jefferson into consideration when deciding Citizen’s United. . .
Or this one: “Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor.”
TJ was a man of many minds.
I believe that banking institutions are more dangerous to our liberties than standing armies.
In every country and every age, the priest had been hostile to Liberty.
And for poor, sweet Sally:
“Be polite to all, but intimate with a few.”
“Do not bite at the bait of pleasure, till you know there is no hook beneath it.”
“The whole commerce between master and slave is a perpetual exercise of the most boisterous passions, the most unremitting despotism on the one part, and degrading submissions on the other. Our children see this, and learn to imitate it.”
“Do you want to know who you are? Don’t ask. Act! Action will delineate and define you”
“It is in our lives and not our words that our religion must be read.”
My take on the “too big to fail” issue: Once a corporation is “too big to fail”, it should be, *in fact*, “too big to fail”. That is, failure to save the corporation(s) in question may cause great and ostensibly irreparable harm to the welfare of the US citizenry and perhaps the stability of the world economy.
Yes, the common man–and I consider myself and many, many people who are much less fortunate than I among that group–the average American and world citizen cannot rightfully be ignored when deciding whether to save or not to save.
“If they fail, let them fail” sounds easy. Has anyone yet proven that our country and the world would have been in better shape, if we had taken that approach? Not yet. . .”Let them fail” is a blind bet on the future that turns its back on likely immediate consequences to real people in favor of a supposition that such indifference to the consequences of massive failure will “work itself out” in the marketplace. Sorry, but in real life I’m a real person. The welfare and the domestic tranquility promised me in the Preamble trumps any justice that may be established by punishing the banks and corporations, as much as I hate the bastards.
If the marketplace, which is always going to be inhabited by more than its share of successful snakes and lizards with or without government regulation, can’t prevent corporations from becoming “too big to fail ” in the first place–as I described that phrase in my first paragraph– then how can it ever be claimed that that same marketplace will be able to save anything if all corporate entities that are “too big to fail” are allowed to fail?
I think this is a useful reference on the subject of bailouts. First a detailed timeline.
The same guy’s ideas about debt are stated in more detail in the following very interesting article. He’s quoted twice at the beginning.
Like his wishes concerning “monied corporations” his dreams about debt were not realized.