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Re: An Observation on the Bailout - For IP
From: David Farber <dave () farber net>
Date: Fri, 26 Sep 2008 18:18:01 -0400



Begin forwarded message:

From: Ross Stapleton-Gray <ross () stapleton-gray com>
Date: September 26, 2008 5:26:02 PM EDT
To: dave () farber net, "Jonathan S. Goldstein, Esq." <jonathan () pobox com>
Subject: Re: [IP] An Observation on the Bailout - For IP

At 02:09 PM 9/26/2008, Jonathan S. Goldstein, Esq. wrote:
As I watch all these Fortune 500 execs falling all over themselves to
get this federal bailout money, I am reminded of a story from childhood.

A vampire cannot enter your house to kill you unless you invite him
in. He often shows up at the door under the guise of an inviting
persona to con you into gaining admittance. Once in, however, he'll
kill you in your sleep.

Mark my words, these execs and their shareholders will rue the day
they gave a seat at the table to the federal government...

I was completely expecting the story to take a different turn: I thought you'd say, "Mark my words, we'll rue the day we let these financial executive vampires in to suck more of our collective lifeblood through public dollars being thrown after private ones."

Why exactly should any of these corporations, which were realizing profits on the imaginary assets they controlled, get another bite of the apple (or neck, I guess, to extend the metaphor)? Shame on our government leaders for failing to appreciate the increasing risks and impending disaster (what if the Bush administration had begun to exercise its authorities to demand fiscal restraint 4-5 years ago, instead of proposing a $700B bandage today? What? The economy might have slumped a bit and they'd not have gotten re-elected? Wha?), but why should we (as taxpayers, and as those who elect the government making the policy decisions) permit risk to be socialized, and reward to be privatized, so grossly?

Ross









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