When huge banks like Lehman Brothers, Merrill Lynch, and Bear Sterns, who are run by people who make exponentially more money than the average American citizen, and when enormous institutions like Fannie Mae and Freddie Mac, which are inextricably enfolded within this very same banking industry, suddenly go flop as the result of terribly irresponsible and greedy business decisions, they are more than happy to let the government come to the rescue.
They are quick to accuse any regulating gesture as socialist; yet when they're in trouble they are fully willing to submit themselves to the Federal Reserve, and to accept American tax dollars so that at least some of their investors might get some of their money back.
And these are the people that some want to handle social security and our health care industry?
In W's words, "Wall Street got drunk." Hm. Perhaps, then, more sober heads are needed these days.
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2 comments:
man, i agree. bailing out these guys and/or paying for the mess with our tax dollars by making them even more quasi-governmental institutions only rewards bad behavior and doesn't allow true market forces to work.
that's true. I understand they don't want us to fall into an economic depression (which, from what I understand, is why they do these things), but I also read that the govt will now own about 80% of AIG (today's bailout). What do they plan to do with it? I wish I knew more about how economies work so that I could understand all the ins and outs of times like these.
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