Wall Street welfare. That’s what I have heard it called – imagine the insensitivity. Just because it is centred upon ensuring those who messed up get to both control the solution and be the sole beneficiaries of the solution. How can people be so cruel. David Brooks in the NYT stokes the flames of jealousy amongst those asked to pay for their betters wrongs:
Liberals and conservatives generally dislike the plan. William Greider of The Nation writes: “If Wall Street gets away with this, it will represent an historic swindle of the American public — all sugar for the villains, lasting pain and damage for the victims.” He approvingly quotes the conservative economist Christopher Whalen of Institutional Risk Analytics: “The joyous reception from Congressional Democrats to Paulson’s latest massive bailout proposal smells an awful lot like yet another corporatist love fest between Washington’s one-party government and the Sell Side investment banks.”
How rude.
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