There are so many bottom lines to the credit crisis, but for myself the bottom line is we’re seeing what happens with an ideology of “the market rules, so don’t rule the market.” A friend wrote today, commenting on all of the government bail-outs:
I wish someone would point out that this means the GOP is moving toward a socialist model. When they rant and rave about the horrors of socialism (in medicine), they need to understand what they’re talking about.
Ex-actly. In the ultimate irony, extreme capitalism has led directly to socialism, literally overnight. Bush started his second term touting a plan to privatize Social Security, and he’s ending it nationalizing Wall Street. This is not a normal business cycle downturn. It’s the result of market manipulation and a lack of oversight.
As D.F. Rogers characterizes it, this is the real trickle-down effect. The profits are kept at the top, while the losses are passed down. McCain wants to leave the tax cuts in place for the richest 1% of Americans?? At least with this latest calamity there’s some outrage. With so much tax money being ponied up, we’d better be able to impose some tough regulations and restrictions without hearing even one peep of complaint from the brokers.
A TRILLION dollars for Iraq. HUNDREDS OF BILLIONS for Wall Street. Why would anyone vote for the old white guy and the monster hockey mom?
