Replies

“So much for all those “bail outs” saving the markets...

And now they are asking for even more.”

And that is exactly what he wants so he can justify taking over enterprise in general, one industry and one business at a time.

What I don’t get is why he is doing this. Even extreme socialism needs capitalism and some degree of freedom to survive simply because it needs money, and large amounts of it. There’s no other type of economy that could sustain creation of the kind of wealth needed to feed his political desires, yet he is doing everything he can to kick what is left of the economy the rest of the way over the cliff.

He is either tragically stupid or is far more to the left than just socialism. Either way, his positions and actions are not economically sustainable and we might just be witness to something like an American version of the fall of the USSR, only it will happen in what seems like a blink of an eye.

It wasn't bailouts that did this. The actions taken recently on Citi and AIG were *not* bailouts. They were seizures. They did not support either. They took huge chunks of both from their actual owners, and demanded that both institutions stop paying their investors (on preferreds especially). They think every dollar that touches either belongs to them. Well, if so, nothing owned privately is worth anything, really.