Attach the Strings

Every dollar that’s doled out by the federal government -- alias, the taxpayers -- ought to have strings attached.

Money that’s given to the banks to stimulate lending ought largely to be used for just that – lending. And the banks that get the money ought to be renegotiating loans with borrowers in trouble. It shouldn’t be assumed they will do that automatically.

If money or even loan guarantees are given to auto companies, it ought to be tied to retooling plants to increase the production of alternative energy vehicles. As taxpayers, we should feel no obligation to preserving the status quo. Bridge loans to preserve as many jobs as we can in the short term, OK, but after that, let’s make vehicles people will actually buy. We had more than 30 years to deal with this, and we didn’t, but now we have to.

Blame may make us feel good, but it restores nothing. The most that we can do is to remove those from power who either didn’t have the vision to avoid the situation we’re in or those who had it and failed to act.

If you want to make brain surgery out of this process, have at it. But there’s a simple principle involved. Whatever we bail out has to do more than just stay afloat. It has to be headed in the right direction. Make sure the captain of the sinking ship isn’t rewarded, but don’t waste time on punishment, either. Those who concentrate on leading us out of this financial crisis – and there is a way out – will have their reward.

There, now I’ve said it.