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March 18, 2008

Comments

Hattie

How infuriating. I'm reading story after story about the misfortunes of average Americans who can't find a job that would pay for the most minimal standard of living for one person. For whole demographics, like single moms, poverty is rapidly becoming the rule, not the exception. But we have to save the banks!

foreclosurefish

Most corporate executives only believe in free markets when they're making money. When they lose money, most corporations take a ride on the Keynes express to Corporate Handout Center to get in line for welfare financed by the people they were busy taking advantage of.

The fact that banks know they'll get handouts during recessions that they help create is one reason that they aren't real friends of the free market. Banks have been bailed out by governments from every financial collapse of the past decade, from the crisis in Asia in the 1990's to Argentina, and now the subprime fallout.

If governments stop stealing money from people to give to banks who also stole from people, then maybe banks would learn that they can't engage in such fraud without paying dearly for it.

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