Thought I would take a break from my racial detour, to talk a bit about the financial crisis we seem to be embroiled in. To be honest, I do not have the economics background to really speak intelligently on the subject, all I can speak on are the things that more knowledgeable analysis say and the hearings I have watched. This stuff is complicated to be blunt. The way these loans were sliced and diced and shuffled around is simply mind-boggling.
But what is even more mind-boggling is that we (tax payers) are going to be put on the hook for the bail out. Yes it is true that, we can not allow these companies to fail, but that misses a very important point. If a company can not be allowed to fail, should we allow it to even exist?
If we can bust up AT&T, or Microsoft, or go after Google, then this sort of nonsense should not happen. There shouldn't be corporations that "can not fail".
But there are more reasoned minds that have more nuanced and intelligent takes on this. John Cole over at Balloon Juice has a couple of nice pieces on this, expletive laden! Or you could check with here or here for more civilized discussion.
2 comments:
I think a significant amount of the $700 billion should come from some CEO's - it is not realistic to awesome this could happen, but desperate times call for desperate measures.
A sort of, "you broke, you bought it", sort of deal? I like the populist take on that. But there is no way CEOs will be taking it for this one....though they should, though some of the share holders should. Since they saw all the gain.
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