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First Trust Advisors Brian Wesbury, The Daily Beast’s Kirsten Powers and Cato Institute’s Dan Mitchell on the impact of government bailouts.
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He could make day what do you think about that we've made and we can make that a rule you can't spend money you don't -- -- Washington.
Wouldn't it be -- ghost town overnight because that's all anybody is their right now knows how to do.
And it means of course that all of us taxpayers get a lump of -- and our stockings I want to have another bad bad news to you're -- there and let's -- forgets state local pension systems.
For the exact same reason that the pension benefit guarantee corporation is gonna get a big bail -- at some point.
I fear that we're gonna start bailing out the bankrupt pension systems of California Illinois at some of the other us states that are in effect copying the Greek French model you -- economic governance so it's it's bad news across the board.
But it's definitely bad policy as well.
Because when you reward bad behavior anybody lets kids knows what do you guys mature a few more bad behavior but we really deal of this I mean from a -- perspective because act.
I'm not in favor -- bailing out these agencies I mean the post office for example.
Let it go bank rob let part of its services go private I mean somebody could come in that that should be like a private equity turn -- where you could just.
You don't cut costs like crazy closed down opposite salvage -- -- businesses run it for profit or shut it down entirely.
He has kind of interesting to me is -- Because they are sort of our first line of defense maybe there's a way to get their budget under control.
Where may be there yeah they're -- and they serve a purpose.
I don't know that we just it I hate bailouts but they at least -- purpose they just spend wildly.
Yeah I don't want to sound like -- grand but but I I think -- it's not a first responder it's basically a subsidy provider after the fact.
And it encourages look what's happening in new York New Jersey the politicians artists using as an excuse to get as much money as they -- the politicians in Washington.
Are turning into a Christmas trade up pork barrel spending so.
How do you bring did you feel out of -- Brian what do you -- Yeah.
Well I would agree -- that you know other FEMA budget was three billion dollars in in the year 2000 this year it'll be over thirteen billion at its peak.
It was 21 after Katrina it has become a slush fund.
For for local and state governments in a way for that the federal government or to redistribute.
Monies to areas that are -- but in politically failure ways.
Piercing you wanna save anyone's Christmas on this Lester we're throwing them on the buyer well like SA I don't see -- bail out -- -- it is money spent the the government passed on -- they can't just not paid.
Debts that have been incurred in their name you know has so once you know the money isn't spent -- it is to put the debt -- people -- don't raise the debt ceiling effect sorry my third inside would you bail them out to shut them down -- because they're not able I mean something has to be restructured and set up in a way that they can't spend money that they don't have -- I do agree with on the theme that.
Issue outlook you know and it's an incentive in a lot of ways -- -- I think for people -- not not get.
Whatever insurance they need to have and it's not the government job.
-- to buy you a new house because you put it in a place where their -- point hurricane or whatever and you didn't get insurance you know so I like it I think that there's there needs to me you know some sort of -- -- -- We gotta go I love this you know full of wise bridges thanks for joining us.
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