[IWE] Galbraith's OpEd on what should be done about the Bailout.

Bill Patient iwe@warhead.org.uk
Sun, 28 Sep 2008 14:05:21 -0400

Well, considering the consequence of no action would be a very high
percentage probablility that the life savings of the people over 50 in this
country could be reduced by half (the ones that are counting on that
retirement money to actually live)...I'm willing to actually have my tax
dollars spent to do something to avoid this.

I've never been a completely "Ayn Randian" type, if you've read me that
way..oh well...I did start in these for a some 10 years ago arguing IN FAVOR
of antitrust laws and there necessity as a control. 

We have a regulatory environment here that doesn't fit with the times, it
needs to be revamped and I'm ok with that. 

I'm especially ok with that considering that the end run of this is that
there will likely only be 3 banks left standing in this country when its all

If there is not some type of compensation restriction for the fund managers
and whatever wall street houses are left then our government will have again
failed...(I'm not holding my breath) 

Decoupling wall street from banks in the early 90s was "pre-forums" and I
can tell you that I wasn't much of a fan. Nor have I been a fan of the
creating of certain types of investments (derivatives and the like) that
essentially have allowed wall street too much power over the "creation" of
money in the economic sense.

That does not change my position that I think corporate taxes are too high,
that our personal income tax scheme is brain dead, or regulatory environment
governing manufacturing forces jobs out of the country and that, in general,
having Washington politicians try and solve our problems is, more often than
not, a bad idea.

-----Original Message-----
From: iwe-admin@warhead.org.uk [mailto:iwe-admin@warhead.org.uk] On Behalf
Of Christian Conrad
Sent: Sunday, September 28, 2008 11:20 AM
To: iwe@warhead.org.uk
Subject: RE: [IWE] Galbraith's OpEd on what should be done about the

Bill Patient [bepatient@cfl.rr.com] wrote: 
> Very nice summary. Those out there saying we need to let it happen 
> simply don't understand the magnitude. I'm not normally one to expect 
> or want the gov't involved...

Well, no, not when there's a risk that actual ORDINARY PEOPLE of flesh and
blood would be getting their grubby mitts on your hard-earned dough. That's
nasty, bad, evil comunism and socialism and all that.

> but in this case and in this particular time it is not only 
> necessary...its crucial. We are not at a "great depression" level 
> yet...but should this be allowed to spin out of control any longer we 
> very well could be...for all the reasons you've given.

And above all, for the reason that THIS bailout goes to the fat-cat robber
barons of Wall Street, which are ever so much more deserving than dirty,
ugly, poor actual humans.

Oh, sure, you're not EXPLICITLY saying that that's why... But it sure seems
to be of a piece with everything else you've ever written, so I think the
only difference is, you're not SAYING that's the reason for you to support
it this time.

In stead of starting your usual protests, Bill, how about you ponder this:
If you DON'T actually ever mean to imply stuff like that... Then how come
that's exactly how it comes off to me every time? Am I really all THAT bad
at English reading comprehension? Or could it be something about how YOU
express yourself?

Or, if not that either... Could it possibly be that this reflects your
actual opinions, whether you've so far been aware of them yourself or not?
Because, you know, I hadn't actually thought of it before I saw your mail --
but if someone had asked me a week or two ago, "You know how BeeP is always
against government intervention in the economy; so how do you think he'd
feel about Uncle Sam bailing out Wall Street?", I hope you won't think I'm
exaggerating my psychic (no, not really) powers of prediction in asserting
that I could have told anyone that "Yeah, Bill will probably be all in
favour of *that*!"

Funny, that, eh?


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