Rick Lowe
Here we go again, the Opposition MP for Fox Hill thinks the Bahamas Government should bail out City Markets. He calls it an "intervention".
Of course with the economy in the state it's in, there is a legitimate concern for the employees, pensioners and investors, but that simply confirms that the government should not use taxpayer money to prop up a private business.
If the management, present shareholders, potential investors and even some of the employees do not wish to put their personal money in to resuscitate the business it's pretty obvious they place very little confidence in its survival.
Also, the market, in this case City Market clients, have moved on as they no longer patronize them. That being the case, why on earth would it be considered sensible to spend tax dollars - money the government does not have - to help them limp along any further?
Governments must do what is in the best interest of everyone. Attempting to rescue a failing business with tax dollars will only help a limited number of people and then, where do they draw the line in the future when any other business is failing? How can they say no to anyone thereafter?
As Joseph Schumpeter said, "Economic progress, in capitalist society, means turmoil."
And from that turmoil opportunities will develop for future employment as long as government does not intervene with too many regulations and taxes.
In the final, is City Markets really worth saving?
Politicians attempt to create the myth that they can help Peter without robbing paul. Public Choice Theory writ large.
The following video on Public Choice puts it in perspective.
