We’re the neocapitalists now

Since I’m not as bright about managing money as the legions of highly trained business experts running our global financial institutions, I’ve been paying attention to the Bush administration’s proposal to rescue our perilously, fundamentally sound economy. Here’s what I’ve concluded about the situation so far:

  • The estimated $700 billion U.S. taxpayer purchase of “toxic” debt incurred by capitalists throughout the world might save the global economy from total collapse.
  • The United States Treasury Secretary, a non-elected bureaucrat, will have sole discretion in expending the funds and be completely immune from congressional and legal oversight.
  • Preventing multi-million dollar payouts to executives of failing companies that receive government bailout funds would go against free market principles.
  • Foreign institutions are eligible for the taxpayer bailout.
  • It is not really socialism when the U.S. government takes ownership and control of the means of capital and property.
  • Voters should re-elect congressmen that encouraged such a crisis by having supported evermore deregulation, neglecting to provide oversight, and ignoring warning signs.
  • The bailout will put our government so far in debt that it further strains social security and completely removes the possibility of a national healthcare program.
  • The U.S. presidential candidate with the strongest voice regarding the threat of corporate abuse, unchecked executive greed, and their excessive influence on government, can only be considered by voters in 49 states. – Nader on all ballots except Oklahoma
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One Response to We’re the neocapitalists now

  1. Lak says:

    Leaving aside the politics for a minute, consider whether the bailout makes financial sense:

    1) Taxpayers need to fork over $700 billion dollars to people whose idea of prudential banking was to underwrite liar loans.

    2) The price of the bad loans will be set by the bankers.

    3) Taxpayers don’t get any collateral in the form of stocks in the financial companies either, so they won’t share in the profit.

    OK, I started this as a comment and decided that it makes a good blog post 🙂

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