And now what do the big Wall Street mavens do? Do they trust the free market to right itself and turn things around? Heck no. They go running to the federal government for a bailout.
...much of Washington appears to have decided that government isn’t the problem, it’s the solution. The unthinkable — a government buyout of much of the private sector’s bad debt — has become the inevitable.
And I have to sympathize with John Cole who is really ticked.
I do not ever want to hear another damned word about the free market. I don’t want to hear another thing about letting the market regulate itself. I don’t want to hear about the free flow of capital. I don’t want to hear about government getting out of our lives.
None of it. From superfunds to super-bailouts, I am tired of other people getting rich being irresponsible and then being told I have to pay to clean it up.
Now John McCain wants to fire the SEC chairman, who happens to be rightwing former Republican Congressman Chris Cox, a Bush appointee. But as Obama quickly noted, we shouldn’t stop there. We need to fire the whole team that allowed this disaster to unfold - the entire Republican administration has got to go. And the last thing we would ever want to do at this point, is elect a whole new batch of like-minded Republicans to keep running our economy into the ground for another four years.