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Welfare Queens are pikers compared to...
Sep. 25th, 2008 03:53 pm....Welfare Emperors.
I'm talking about the mental giants who decided that the American public should give away $700 billion to save Wall Street from their own moral hazard.
Undoubtedly there are people who have been, and are going to be, hurt by this economic crisis. That's why we established the FDIC back in the Depression, the last time the financial markets were this troubled.
But the FDIC is there to provide a soft landing to banks who've made bad decisions. If Washington Mutual or Wachovia goes under, the vast majority of the depositors (including myself - I'm a WaMu account holder) will be fully protected, and the employees will continue to get paychecks until the assets are taken over by another bank.
It isn't there to protect bankers from their own bad decisions, which is what Treasury Secretary Henry Paulson is trying to do. If you package Alt-A and subprime loans as AAA paper and give the executives 8- and 9-figure bonuses, why the hell should we save you from your own behavior?
People complain and complain about welfare and call national health insurance "socialism", yet ignore the biggest giveaway to the wealthy in American history. Compared to the so-called "Welfare Queens", Wall Street and Paulson are Welfare Emperors making us their vassals.
The only good news - nobody thinks this is a good idea. The random crowd at O'Hare Airport I watched President Bush's speech with mocked him. At least two people I know who are conservative thought the idea was ridiculous, *without prompting from me, the political junkie*.
I'm talking about the mental giants who decided that the American public should give away $700 billion to save Wall Street from their own moral hazard.
Undoubtedly there are people who have been, and are going to be, hurt by this economic crisis. That's why we established the FDIC back in the Depression, the last time the financial markets were this troubled.
But the FDIC is there to provide a soft landing to banks who've made bad decisions. If Washington Mutual or Wachovia goes under, the vast majority of the depositors (including myself - I'm a WaMu account holder) will be fully protected, and the employees will continue to get paychecks until the assets are taken over by another bank.
It isn't there to protect bankers from their own bad decisions, which is what Treasury Secretary Henry Paulson is trying to do. If you package Alt-A and subprime loans as AAA paper and give the executives 8- and 9-figure bonuses, why the hell should we save you from your own behavior?
People complain and complain about welfare and call national health insurance "socialism", yet ignore the biggest giveaway to the wealthy in American history. Compared to the so-called "Welfare Queens", Wall Street and Paulson are Welfare Emperors making us their vassals.
The only good news - nobody thinks this is a good idea. The random crowd at O'Hare Airport I watched President Bush's speech with mocked him. At least two people I know who are conservative thought the idea was ridiculous, *without prompting from me, the political junkie*.
