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September 21, 2008
Financial bust
What an unbelievable ride for financial institutions -- absolute giants like Merrill Lynch, AIG, Lehman Brothers, Washington Mutual, Bear Stearns and huge federal institutions like Fannie Mae and Freddie Mac either in deep trouble, going bust or being bailed out by the government, with a stock market plunge of nearly 1,000 points in two days. What went wrong? Greed, lack of oversight, bad deals bought and sold in other bad deals, wild commodities speculation, high-risk mortgage dealing and a go-wild free market mantra, among other things. And ultimately, we are all on the hook for this.
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The Bush/McCain Economic Policy:
Posted by: Shaver One at September 24, 2008 9:32 PMSocialize debt and privatize profit.
Our government wants the American taxpayer to bail out Wall Street and Big Insurance, to cover the expense of the Golden Parachutes being given to the CEOs of these failed companies.
We can't, supposedly, afford to give healthcare to all Americans, but we can afford to give tens of millions to each of the people who ran their respective companies into the toilet.
What's wrong with this picture?