Friday, October 03, 2008

Socialized Investment Banking?

For years Republicans have railed against all things socialist...medicare, affirmative action and Barbara Streisand :)...BUT it seems they are willing to look the other way when it comes to the Feds salvaging that great bastion of unfettered capitalism....Investment Banking.

It seems that if you actually catch pneumonia and need hospitalization and you don't have insurance then the GOP will say you are on your own (or you could borrow the money on your high interest credit card to save your life) BUT if your friendly neighborhood investment bank catches chronic, existential financial pneumonia (because of a series of bad investment decisions) then the Feds will jump over backwards to ensure that the patient is saved at taxpayer expense.

The same sector that asked for self governance and no government interference is now willing to prostitute itself to the entity it hates most ie the Federal government in order to save itself.

The same Congress that can never seem to find the money to do things like fix roads, inner city schools, inspect shipping containers for nukes, provide health care to all citizens, provide more college loans, save the citizens of New Orleans from Katrina seems to magically find the money when it is for the Iraq War ($1 trillion) or Wall Street bail outs ($700 Billion and counting).

Where did they get the $700 Bn from? The Chinese?


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