TARP: the $700 billion bank bailout/corporate welfare bill
In 2008, President George W. Bush signed TARP, the $700 billion spending bill that bailed out and gave coprorate welfare to banks, insurance companies, and other big corporations.
As senators, both major party presidential candidates, John McCain and Barack Obama, voted in favor of this bill.
One of the reasons that I wrote in Ron Paul for President is because, as a member of Congress, he voted against this bill.
The bailouts rewarded irresonsible behavior, and punished good behavior. Such incentives can only make the situation worse. These bailouts are one of the main reasons why the economy is doing so poorly now.
I would have liked to see AIG, Goldman Sachs, and other irresponsible companies go bankrupt. Then their assets would be auctioned off to more efficient users, and put to better use.
I also have a moral objection to the bailouts. Corporate welfare is evil. A corporation is not supposed to last forever. If and when a corporation fails to do its job properly, it should cease to exist.