I GUESS BAILOUTS ARE OKAY NOW
From ABC News ...
Secretary of the Treasury Henry Paulson Sunday defended the Federal Reserve's recent bailout of investment bank Bear Stearns.
"The right decision here, I am convinced, was the decision that the Fed made, which was to do things, work with market participants to minimize the disruptions," Paulson said in a "This Week" interview with George Stephanopoulos.
From George W. Bush ...
"It’s not the government’s job to bail out speculators," Mr. Bush said, "or those who made the decision to buy a home they knew they could never afford."
Bailout for big corporations: no problem. Bailout for joe schmo getting kicked out of his home: no way. This is what I hate about the Republican philosophy.
Labels: bailout, bear stearns
posted by Trekking Left @ 6:24 PM
4 comments
4 Comments:
Hello, I hate to say this, but it is both parties, they work for the same people. The rest of the world will have to reign in these masters of the universe. Clearly there is no political will in D.C. or among the masses.
Just read this ==> http://www.huffingtonpost.com/marty-kaplan/my-goat-ate-the-economy_b_91759.html ...
My favorite quote:
'The economic meltdown is the new 9/11, and it's George W. Bush's fault -- his, and the fundamentalist free-marketeers who have been living high on the hog, feeding at the public trough, intimidating Democrats, and getting away with capitalist murder ever since Ronald Reagan made "government" a dirty word.'
Yes, Virginia, it is Bush's fault!
Hello t.l.,
Yes, it is Bush's fault. He is a weak man. The dems have been weak too. However, I perceive a meltdown of the U.S. monetary system as a positive thing. It is patently unfair. They steal however much they want. There will never be a perfect system, but things have gotten way out of hand. It will take something huge for the 51% to demand change and accountability. It should be fun to watch going forward.
TL:
I oppose bailouts. All bailouts, Wall Street, homeowners, you name it. My attitude: you made a bad investment, tough. The Bear Stearns (BS) bailout is not well understood. BS was not bailed out. The rest of Wall Street was, including those who held BS credit default swaps.
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