So much for the transfer of wealth from earners to bad decision-makers ending up as some kind of immediate safeguard. It was supposed to make investors and markets here and around the world secure and stable, right? From an early AP report today:
Wall Street tumbled Monday, joining a selloff around the world, as fears grew
that the financial crisis will cascade through economies globally despite
bailout efforts by the U.S. and other governments. The credit market remained
under strain, and investors piled into government bonds. The Dow Jones
industrials skidded more than 200 points.
Would have been better just to let the bad actors fail. If you believe in the common good, you cannot accept that it was best to give bad actors a gigantic infusion of cash at the short-term and long-term expense of everybody. We are getting hit with tomorrow's taxes because of the bailout. We are getting hit with a weakened dollar because we will borrow to 'afford' the bailout. And our markets are not stabilizing. They are crashing. Way to go, geniuses.
Over the weekend, governments across Europe rushed to prop up failing banks. The German government and financial industry agreed on a $68 billion bailout for commercial-property lender Hypo Real Estate Holding AG, while France's BNP Paribas agreed to acquire a 75 percent stake in Fortis's Belgium bank after a government rescue failed.
Punish those who voted for the bailout. Vote against McBama. Vote against Andre Carson.