Friday, Sep 26, 2008
Jeff Randell's take on the bail out
Telegraph: US taxpayers are being enrolled in an economic chain gang
"To preserve their [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude" - Thomas Jefferson
Posted by holding out @ 09:33 AM (459 views) Add Comment
6 Comments
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1. harold said...
"US taxpayers are being enrolled in an economic chain gang"
...and so are we.
2. malct said...
"If you think the people that created the crisis can fix the crisis you are a fool. They engineered the crisis in order to gain even more control over everything while paying the least amount for it. And they are doing all of this with your money. It’s not just bad business and unmitigated greed. It’s also intentional. But on their way to all those bright dreams and personal glory… on their way to snatching everything for themselves and destroying you in the process they overlooked something and that is that a person’s reach should never exceed their grasp. They just haven’t grasped that."
Les Visible
http://smokingmirrors.blogspot.com/2008/09/it-doesnt-look-good-for-boys-in-back.html
interestings comments here also.
3. alan said...
" We have only 14 hours to save the earth"
nice line....
4. uncle tom said...
Paulson's background IS an obstacle to gaining public acceptance of his plan, which itself is much too vague to inspire confidence.
It would have been much better if the scheme had been presented by Ben Bernanke as a series of specific measures, complete with a promise that the banking industry would, collectively, be required to eventually make good any losses suffered by the taxpayer in the coming years. That could have gone through with minimal public upset.
That there is so much (seemingly needless) wrangling going on behind closed doors, does make me suspect that major political donors in the banking industry are demanding golden parachutes as a reward for their largesse.
Why else would both McCain and Obama have put their campaigns on hold?
5. icarus said...
Jefferson writes about debt, liberty and servitude. He himself was always in debt and although he said he would like to free his slaves he couldn't do so because they were mortgaged and he couldn't free them until he was out of debt. He never was and he never did. 'Justice is on one scale and self-preservation is on the other' he wrote, and he never quite made the transition from the latter to the former.
6. letthemfall said...
uncle tom:
I think the question of rewarding the guilty is the crux of this. In the end the bankers only care about their wealth, not really earned by their skills but acquired regardless of their incompetence and/or recklessness, whether individually or as part of a kind of financial mass lending hysteria. It would appear that part-nationalisation of the banks is the only way to ensure that the taxpayer has at a least a chance of gaining (or more likely mitigating losses) from all of this.