The "free" market at work | Arkansas Blog

Friday, September 19, 2008

The "free" market at work

Posted By on Fri, Sep 19, 2008 at 12:02 PM

So it looks like the U.S. government is going to bail out the whole financial industry.

My cratered retirement account testifies to my lack of financial knowledge. But I liked the guy on NPR this morning who said, more or less: "So, let me get this straight. Taxpayers are going to take the bad debt to save the businesses and jobs of all the guys who created this shitpile?"

The answer appears to be yes. And it may be the only option. But I wish there was some way that taxpayers who've seen their little retirement holdings -- if they're lucky enough to have them -- turn to dust could be assured that the masters of the financial universe are suffering a little, too. Maybe give up a country club membership or two. Or take a cut in their year-end multi-jillion-dollar bonus.

You think maybe we've seen the end of the housing-flip entrepreneurs?


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