Wednesday, September 17, 2008
Nationalizing an industry
Don't like big government? Then regulate early, lightly and intelligently. Otherwise, you get nationalization. Simple. ... Needless to say: The answer is not socialism at the outset. Fannie Mae and Freddie Mac, long the political playgrounds for government types who created and backed them, contributed to the current crisis. But the answer also isn't laissez-faire utopianism. Wall Street's reckless behavior shows the fallacy of that course. Generally, what's needed are capital-reserve regulations now required of mainstream banks, i.e. government requiring capitalists to act like responsible capitalists. ...
Update -- Soxaholix::
Don't like big government? Then regulate early, lightly and intelligently. Otherwise, you get nationalization. Simple. ... Needless to say: The answer is not socialism at the outset. Fannie Mae and Freddie Mac, long the political playgrounds for government types who created and backed them, contributed to the current crisis. But the answer also isn't laissez-faire utopianism. Wall Street's reckless behavior shows the fallacy of that course. Generally, what's needed are capital-reserve regulations now required of mainstream banks, i.e. government requiring capitalists to act like responsible capitalists. ...
Update -- Soxaholix::
Fannie and Freddie collapsed, Lehman Brothahs collapsed, Goldman Sachs, AIG …
Everybody is friggin collapsing except the god forsaken formah Devil Rays.
