Monday, March 23, 2009

Private Jets Are Good For The Economy

JPMorgan Chase Bank finds itself to be the latest of financial institutions to be demonized by the press, and probably the Obama administration.

Their sin?
Buying private corporate jets after receiving $25 billion in government-expropriated taxpayer funds.

We'll conveniently forget that, like AIG, JPMorgan should never have received these funds in the first place. They should have been allowed to go under, or file for bankruptcy protection.

But, since they were gifted these funds, why shouldn't they be allowed to spend them?

Afterall, we're being told by Barack Obama that the problem with the economy now is that aggregate demand is down. In other words, people have stopped spending. And that the solution is to...spend.

Which is just what JPMorgan Chase is doing.

Spending millions of dollars on a private jet is just what Dr Obama ordered.
It's either that, or the govenrment spends that money on useless bridges and widgets.

It is, in fact, more productive for those monies to be spent on private jets, than it is for it to be spent on those bridges and widgets.

Of course, the government will tell you just the opposite.

But, hey, it's all about class warfare, isn't it.

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