The Fat Cats Want Welfare
by Elisa
Thu Mar 20, 2008 at 07:13:58 AM PDT
The Washington Post's E.J. Dionne Jr. had a brilliant response to the self-reliant corporations that now want a government handout.
Never do I want to hear again from my conservative friends about how brilliant capitalists are, how much they deserve their seven-figure salaries and how government should keep its hands off the private economy.
The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government from their own incompetence, and from the deregulatory regime for which they lobbied so hard. They have lost "confidence" in each other, you see, because none of these oh-so-wise captains of the universe have any idea what kinds of devalued securities sit in one another's portfolios.
So they have stopped investing. The biggest, most respected investment firms threaten to come crashing down. You can't have that. It's just fine to make it harder for the average Joe to file for bankruptcy, as did that wretched bankruptcy bill passed by Congress in 2005 at the request of the credit card industry. But the big guys are "too big to fail," because they could bring us all down with them...
In a deal that the New York Times described as "shocking," J.P. Morgan Chase agreed over the weekend to pay $2 a share to buy all of Bear Stearns, one of the brand names of finance capitalism. The Federal Reserve approved a $30 billion -- that's with a "b" -- line of credit to make the deal work.
Seriously. I always wondered how we allowed corporations to devalue workers in this country; how businessman Mitt Romney could actually berate his fellow Republicans on a debate stage for attacking corporations. For me, he was delusional, completely out of touch with the realities of most Americans.
I appreciated Dionne's vent!
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