It could be the slogan that was, “let capitalists be capitalists.” It likely will be again, soon enough. But the “bailout” is coming soon with restrictions that Wall Street and others haven’t seen for awhile. Don’t hold your breath that the pending legislation will reverse much of the effects of deregulatory fervor that swept the Congress [...]
Obama will tell you it’s Bush and his buddy McCain that helped make the current money morass happen. He is not entirely wrong but he is not entirely right either. Congress facilitated the mess by repealing the Glass-Steagal Act that kept the insurance, investment and banking businesses firewalled from one another. Institutional investors, including the [...]
Treasury Secretary Paulson and Republicans in Congress object to tying limits on executive compensation (especially “golden parachutes”) to bailouts in the legislation now pending. Even with such limits, a taxpayer revolt may be in the offing. Freemarket conservatives jump up and down, stamp their feet and scream “class warfare!” whenever anyone talks of raising taxes [...]