Opinion

Bailouts had positive results

Posted December 24, 2010 11:00 am

I can't imagine why Mr. Don Frost (Fence Post, Dec. 18) thinks that President Obama is a socialist. The bailouts of GM, Chrysler, financial institutions got them back on their feet and profitable. These companies are back on their feet, making a profit and paying back the taxpayers with interest.

What Mr. Frost must understand however, is that there must be oversight so that especially the financial institutions don't run amok. Has he forgotten what happened when there was lax regulation of the savings and loans, which eventually cost the taxpayers hundreds of billions of dollars?

Mr. Frost reminds me of the opponents of President Roosevelt who branded him “socialist” or even “communist” when he actually saved the capitalist system. President Obama even said when GM was bailed out that he didn't want the U.S. to be in the car business. However, the bailout saved thousands of jobs and those companies, which is what good government is all about.

George Blinick

Prospect Heights

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