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Tuesday, June 09, 2009

Meet the new boss, same as the old boss

A snippet from an article by Frank Nutting at MarketWatch.com, "We're wasting our chance to fix the banking system:"

"... these banks know that the federal government will bail them out, if necessary, no matter what they do, no matter how many stupid investments they make, or how much they pay their executives, traders and shareholders, or how many gold-plated toilets they install. They get trillions worth of government insurance for nothing."

I think even my Obama-loving friends agree rewarding failure is not a good idea. And the Dems didn't start it, the Repubs did. G. W. Bush and McCain both backed the original financial bailouts.

What's the common theme? The two party duopoly rewards its own. They take taxpayer money and give it to their cronies. The cronies may be slightly different, but it doesn't matter to us poor vassals. The effect is the same.

Reject the status quo. Join the Libertarian Party. Join the revolution. 

At the very least, quit expecting anyone benefiting from the current system to change it. Who benefits? The Democratic and Republican establishment.

You can either sanction your own robbery, or fight it. The Democrats and the Rebublicans are robbing you.

1 comment:

  1. We are well down the road called "moral hazard." For a great read on moral hazard, go to http://mises.org/story/2935