Um
Wow.
When you lose George Will and William Kristol you know this $700 billion giveaway to the folks who got us in the mess ... er ... Wall Street CEOs probably isn't a good idea.
When you lose George Will and William Kristol you know this $700 billion giveaway to the folks who got us in the mess ... er ... Wall Street CEOs probably isn't a good idea.
posted by Jmac at 10:38 AM
3 Comments:
Paulson is eliminating G. Sachs' competition. Lehman, Merril Lynch etc. Gone. His $.5 billion in stock options are looking better and better.
Someone stated to me today "We need to get people in there that know what they're doing." These SOB's know EXACTLY what they're doing, and we're too stupid, fat, lazy and overly concerned with "Republican vs. Democrat" BULLSHIT to pay any real attention. A handful are getting enormously rich while we pick up the tab resulting from the inflation.
This bailout will be the single worst move our government has ever made - including Iraq. One more step toward fully nationalized banking and financial markets. No coincidence it's called "Bank of America."
One of the massive flaws in the proposal is that it simply hands over obscenely large amounts of taxpayer money with no accountability, no conditions, no oversight and no ability to acquire equity in the profits.
It nationalizes the debt, but privatizes the profits ... and that's borderline insanity. What lender would ever agree to those terms in the private market?
It's only a flaw when you assume they are striving for accountability, oversight and transparency. In fact the opposite is true. Only now the curtain is worn so thin we're starting to see the men standing behind it.
You're right - a lender would never agree to these terms in the private market. That's exactly the point of these actions; the systematic elimination of the free-market with the taxpayers absorbing all the risk. It only took 100 years and a public who prefers their political discourse limited to abortion, guns and social issues over detailed fiscal policy.
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