Friday, September 19, 2008

Cafferty: "Is This Bailout a Good Idea?"

My answer:

It’s a moot point. This is the most massive wealth transfer in history. Unless the Carlyle Group and other big boys are fenced off from foisting the bad loans off onto us (again) and buying up the good ones for a song; unless taxpayers demand a hefty rate of interest and a corruption/dereliction penalty fee; unless there is a vigorous re-payment schedule; and unless the corrupt SOB CEOs who run these places are forbidden to take one nickel’s profit, this is just Shock Doctrine economics. This is GOP-Milton Friedman-Bush-Cheney standard operating procedure, just on a bigger scale than we’re used to. Socialism for the rich, capitalism for the rest of us.

Pelosi actually said something useful: How come their profit is privatized but their debt is not? Ask McCain. It's the Republican Way.