There is a choice to be made: Either we regulate the Banks, or leave it to the vagaries of the free markets to punish those who trade with, or place their assets in the wrong institutions. But for God's sake, do not give us the worst of both worlds -- do not allow banks the freedom to make horrific but preventable mistakes (i.e., only lending money to those who can pay it back), but then expect the taxpayers to foot the trillion dollar bill.Or, to quote PJ O'Rourke, with respect to the S&L bailout (a similar financial crisis stemming from the last time the GOP was allowed to manage the economy): "What the fuck? What the fucking fuck?!"
That's not capitalism, its not socialism, its not regulation, and its sure as hell isn't what free markets are. Our language is insufficient to describe this hodge-podge system, other than to call it a random patchwork of quasi-capitalism, quadrennial-socialism, and politics as usual. Ideological idiocy is the only phrase I can muster that has any resonance with the daily insanity.
Wednesday, July 16, 2008
Now THAT's a rant!
A great rant on the current financial imbroglio. Money:
Posted by Nils at 7/16/2008 09:33:00 PM