Quote:
Originally Posted by tod
Here's an economist summarizing the rescue efforts thus: "It is privatizing the gains and profits, and socializing the losses as usual. This is socialism for Wall Street and the rich."
--t |
I love this statement- it's true, and I find it amazing that fiscally conservative people who are concerned about government spending on social programs don't seem to have a problem with government bailouts. Like he said in the article, it is necessary now to do so, but in a manner that doesn't bail out or enrich the individuals responsible for the most egregious transgressions.
I have a co-worker who is rabidly conservative - he has nothing good to say about any sort of government assistance for the private sector and is very much anti-tax, yet he was an ardent supporter of the new stadium in Seattle and had no problem with the increase in taxes and creative financing that paid for the structure. I guess everyone has their price. (He is equally rabid about sports).