Socializing Risk, Privatizing Profit...
Ok, it's off topic, but I have to weigh in on this bailout situation. It's not that I'm against injecting liquidity into the economy, it seems clear that's necessary, nor am I even dead set against the idea of buying some bad securities. What I'm against is allowing greedy billionaires to suck down more cash like its Schlitz in a frat house beer bong.
Our government needs to learn from Sweden, which back in the early 90's put about 4 percent of it's GDP into a bailout. The thing is, it took equity positions in the places it saved, requiring banks and other distressed companies to hurt shareholders and rich directors as well.
Now personally, I wouldn't mind seeing the FBI compile a list of the 25,000 people who profited most from this--the biggest conspiracy to defraud in several generations, and offer everyone on that list amnesty in exchange for disgorging 20% of the money they've made in the past four years from all this. But as usual, the calls to "just move on" will leave the Billionaires safe on their yachts swigging vintage champagne, while the hard working people of middle america mortgage their children's futures to pay for yet another case of Cristal.
Posted by Indefensible at 11:34 AM