From The New York Times:
Fearing a financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group.
I’d like a line of credit too, please. I’ve developed a new type of pizza oven and I need money to stay in business. The oven tends not to work, either burning the pizza or not cooking it inside, plus it has a strange tendency to burn buildings down. Oh, and I sold a bunch of them to people with no money, so I’m broke.
Still, my pizza oven is as good as the investment products the insurance-financial complex have been offering.
More seriously, it’s obvious we’re all on the hook for this mess because the alternative is a worldwide depression. Things are still looking fairly serious, but the point is that sometimes we have to do what is practical and leave the vacuous right-wing ideology where it belongs, on the shelf. Most of us learned this lesson from reading basic American history about the Great Depression/New Deal era. But the righties were so busy trying to repeal the Enlightenment they couldn’t process little details like capitalism needs a referee or it will destroy itself.
This should be the end of conservative nonsense about “free markets” being, in and of themselves, the answer to nearly everything. It won’t be, but any conservative arguing today that regulation always needs to be reduced or eliminated is arguing in favor of worldwide depression. Nice platform.
Let’s see the Republicans put some lipstick on this pig. I’m sure they’ll start blaming Andrew Jackson or Woodrow Wilson or something.