Bankruptcy, not bailout, is the right answer

The financial situation we are in right now was created by the government and the government wants to try and "fix" this problem. A vast majority of Americans have decided to speak up (finally), and finally decided to put it out there that the American people are against the bailout plan. Economist Jeffrey Miron says the bailout plan presented to Congress was the wrong situation presented to Congress. He believes that, “The fact that government bears such a huge responsibility for the current mess means any response should eliminate the conditions that created this situation in the first place, not attempt to fix bad government with more government.” I totally agree with this, sounds to me from what I’ve heard, what the government is doing and planning to do sounds very socialist if you ask me. He believes that the troubled financial institutions should declare bankruptcy and I agree. After all, this is a free open market so we should let these companies run their course they have chosen without government interference. Bankruptcy isn’t such a bad idea after I read what Jeffrey Miron had to say. He says it best when he tells it like this, “Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of businesses that remain profitable.” There is a lot more to it and I think you should take a look at the article yourself.
Economist Jeffrey Miron isn’t just speaking out of his you know what. I think he makes valid points and the thing he says makes sense. He is s senior lecturer in economics at Harvard University, so that’s got to mean something.