Friday, September 19, 2008

Now we're socialists?

After years of Republicans telling us how bad government is, that regulation stiffles the market, and that everything needs to be privatized, the market has destroyed itself. So the Bush administrations answer is, naturally, for the government to buy up the corporations whose greed had caused them to collapse, and to pay billions more for them than they are worth.

This is a pivotal moment for America’s economy. Problems that originated in the credit markets — and first showed up in the area of subprime mortgages — have spread throughout our financial system. This has led to an erosion of confidence that has frozen many financial transactions, including loans to consumers and to businesses seeking to expand and create jobs. As a result, we must act now to protect our nation’s economic health from serious risk.

Bullshit. These problems just didn't happen out of nowhere and they could have been, and were, predicted. Milton Friedman must be laughing hysterically right now. This is nothing more than a massive transfer of wealth from the middle class to the wealthy. You and I are paying for this shit. The people who caused it are leaving with golden, multimillion dollar parachutes. The same people who caused this problem are still viewed as the wise and serious people who will save us from their crimes. Why is the federal government in the commercial banking, investment, and insurance businesses now? Does this mean that once these companies recover, they'll be "sold" at bargain prices to corporate interests?

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