OK, what does Keyes suggest? A complete collapse of the banking system? Mutual fund and hedge fund collapse? Etc?
There is a time and a place for intervention and this is it. If done correctly.
Hint: Forbes likes the bailout, Soros is against it. That told me all I need to know.
“Hint: Forbes likes the bailout, Soros is against it. That told me all I need to know.”
A couple of billionaires fighting over how to spend $700 billion taxpayer dollars. Excuse me if I’m not impressed.
If I screw up my finances, NOBODY bails me out... even if it wasn’t technically my fault.
I’m actually excited about what might happen if the government does nothing. This is mostly panic hype in my opinion anyway. so I’m more than willing to roll the dice keep my $700 billion and see what happens.
Fannie, Freddie Should Be Split Up: Steve Forbes
In the short term, the U.S. government's bailout of Fannie Mae and Freddie Mac does remove the uncertainty from markets, said Steve Forbes, Chairman & CEO, Forbes Inc. However, there will be implications for the U.S. taxpayer and shareholders of the two companies.
"What should be done is instead of having these (Fannie and Freddie) become permanent wards of the government, is to split the companies up into ten different pieces, recapitalize them, allow old shareholders to exchange their shares for new shares, have the government take warrants so that the taxpayers can get some of their money back, and to sever the ties and ship them out into the private markets,"
Soros says something without saying anything...Soros: Fannie, Freddie Crisis Not the Last
"This is a very serious financial crisis and it is the most serious financial crisis of our lifetime," Soros said. "It is inevitable that it is affecting the real economy. It is an idle dream to think that you could have this kind of crisis without the real economy being affected," he added.
That told me all I need to know.
I know what I need to know as well.
When we did the Big Bank Bailout in ‘83, a coalition ranging from libertarians to the Conservative Caucus to Ralph Nader opposed it. The mere fact that folks on the left oppose it is not a reason to support it. Even a blind bird catches a orm once in a while.
Besides, Soros is simply trying to play it for his own advantage. As Eliot wrote:
The last temptaion is the greatest treason:
To do the right thing for the wrong reason.
That’s Soros in this case.
When we did the Big Bank Bailout in ‘83, a coalition ranging from libertarians to the Conservative Caucus to Ralph Nader opposed it. The mere fact that folks on the left oppose it is not a reason to support it. Even a blind bird catches a worm once in a while.
Besides, Soros is simply trying to play it for his own advantage. As Eliot wrote:
The last temptaion is the greatest treason:
To do the right thing for the wrong reason.
That’s Soros in this case.
http://www.washtimes.com/news/2008/sep/24/no-bailout/
"The massive federal scheme ($700 billion and apparently growing) to have taxpayers buy up bad mortgages that is currently being cobbled together by the Bush administration and a bipartisan coalition on Capitol Hill is a terrible idea. It constitutes a large transfer of wealth from the American taxpayer in an effort to revive failed private-sector businesses that should be permitted to fail - something that is essential if a free-market capitalist system is to survive and prosper in the future. Aside from the dubious substance of the legislation, Treasury Secretary Henry Paulson, the Bush administration's point man in pushing for the mortgage bailout bill, is pressing Congress to act with what can only be called unseemly haste, insisting that if lawmakers do not fork over the money right away, the American economy will collapse. Congress may vote on the bill (which is still being written) as early as Friday."
Nancy Pelosi, Warren Buffet, and Barney Frank are trying to shove it down your throat.
So what does that tell you?
Do you like it when Barney Frank tries to shove things down your throat?