[TigerLikesRooster]

Ping!

[meadsjn]

Continuing to subsidize the financial sector carries long-term costs. A government-supported financial sector competes with other, perhaps more productive, areas of the economy for resources. Further, a financial-sector bubble based largely on implicit government guarantees can encourage governments to hike spending to profligate levels. And because the political will to cut spending in a downturn is usually lacking, tax increases then become almost inevitable. New Yorkers understand how this works. The British do, too: Britain has already hiked its top income-tax rate to 51 percent, effective next year, giving France a competitive opening.

Finally, the bigger any nation’s financial sector grows, the harder it becomes for that nation to bail it out.

And the faux capitalists wail about government intervention when their subsidies are cut.

[familyop]

That was truthfully written. The author is well informed on that particular matter.