Tuesday, March 18, 2008

What dday Said...

A Blogger named dday over at Hullabaloo speaks the unvarnished truth:

We've essentially in the Bush era set up a kind of corporate Marxism, where risk is socialized, but where wealth is privatized. And the middle class, in this case homeowners, are the only ones who ever feel any pain.

Ben Bernanke believes that he can save the economy by managing and financing the ultimate downfall of these financial institutions. Which is fine to a point, because the alternative is a massive meltdown of the entire system. But let's call it exactly what it is. And let's no longer allow the other side to say things like "let the market make its own decisions," because they only believe that when they're not affected. This is a selective bailout, and it's government intervention into the markets to save them. Because they currently are non-functional and unregulated. It doesn't have to be this way, but under a laissez-faire system it's inevitable.

Can't wait for some Wall Street honcho or BushCo official to go on about welfare queens or big government programs...

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