Everybody Calm Down. A Government Hand In the Economy Is as Old as the Republic.(washingtonpost.com)
washingtonpost.com
Everybody Calm Down. A Government Hand In the Economy Is as Old as the Republic.
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092602838.html?hpid=opinionsbox1
I heard Rick Edelman crying for the bailout this weekend. He listed at least 50 associations that supported the bailout, not one that wouldn't benefit from it. His "appeal to authority" fell on deaf ears.
Edelman said Congress inadvertently offered Wall Street a lollipop and, now that the lollipop might be taken away, we _must_ give it to Wall Street. Otherwise they'll throw a tantrum and send the Dow crashing. I say let them commit suicide if they wish.I don't think they're crybabies and they're certainly not suicidal.
I'd agree to a bailout if
1) all companies involved are declared bankrupt and their assets liquidated. No zombies allowed afterward.
2) every person working for the companies bailed out is fired with 2 weeks' severance pay & no golden parachutes,
3) Stockholders and bondholders aren't paid anything and
4) every cent that goes into the bailout is paid back from the proceeds of the liquidation within 7 years.
Item (4) is unenforceable but at least a target.