PrestoPundit

STEVE CHAPMAN

Posted by PrestoPundit on 09/25/2008

on the bailout:

This plan would nationalize the money-losing part of the financial sector, to the benefit of capitalists who have made spectacularly bad decisions – fostering more bad decisions in the future.

It would add to the liabilities of a government that is already living way beyond its means. It would give unprecedented power to a couple of officials who have proved highly fallible in trying to avert this alleged crisis. And it poses the risk of abuse and corruption because the government has no way to gauge the value of what it will buy.

Nor is there any guarantee the plan would work.

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