Of course. Those that run up the bill weren't doing anything illegal, but instead were playing the game according to rules already stacked in their favor.
I wonder if the average tax payer will ever realize the fairness of these bailouts. Govt's and international organizations, like the IMF, can never create real wealth. They can only shift wealth around.
In this case, taxpayer money is being used to bailout SE Asian conglomerates, which in turn lessens the SE need to sell U.S. securities, reduces Chase Manhattan's and Citicorp's exposure, and benefits equities all over the world. Overall, a huge transfer from the have-nots to the have's.
All of this will be done in the name of "stability." While anything is apparently worth sacrificing to ensure the stability of banks and paper financial assets, norice that the job market is anything but stable. What with global competition, resturcturing and reengineering.
Apparently, laissez faire applies only to those of us with too few resources to buy our public officials. |
