So the morons at Bear, Stearns were making tons of dough when things were looking up, and the idea of taxing them was anathema. Now that they've lost it all, what happens? Do they cough up personal wealth?
No. The taxpayer does. We basically give the morons $200,000,000,000 that we borrow from the Chinese so your grandkids can pay for it. What about personal responsibility? We are told about personal responsibility as the reason social programs need to be cut. The poor are poor because they didn't help themselves.
Why use the money to bail out the under taxed, obviously irresponsible wealthy traders?
Blinding hypocrisy.
The worst part is that they’ll still go under, they just bought a week or two.
1 comments:
It’s not just this news, but the juxtaposition of stories that is becoming spooky. Before flipping over here, I was browsing the e-rags, and was also appalled astounded and feeling like déjà vu all over again, as I read about the Governor of New York’s extravagance, and then the Bear Stearns bailout, wondering if this is how the folks felt as the roaring 20’s slipped into the Depression of the 30’s. One pundit had asked what a call girl could do to be paid $5,500 an hour, and my immediate thought was: “Simple; Find someone who didn’t earn it…who doesn’t appreciate the value of money”. Your enumeration of the bailout, complete with zeroes was poignant, as saying “billion” in the financial news these days doesn’t mean much, because these vast sums are bandied about like free money.
Then I perused further, and found this article, by George McGovern, and thought: Even the most liberal presidential candidate in the last century has bought the lunacy: Make poor people responsible by keeping them swimming with Sharks, but bail the shark’s spoiled relatives out when they slip. The regulation he is decrying is the one against end of month, 500% interest loans you have written about here.
http://www.ocregister.com/opinion/people-lending-insurance-1999094-payday-state
For those who don'e want to follow the link, the title and subtitle say it all:
George McGovern: Beware of creeping economic paternalism
The Right and the Left are becoming ever more aggressive in regulating behavior.
As you said in another post, this just writes itself.
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