Our Awful Situation

When socialists take Wall Street

Posted by Charlie Kilo on March 31st, 2008

Wall Street, which historically has been a bastion of vehement opposition to government intervention in the so-called free market, now takes it as a matter of right that the U. S. government and its central bank (as well as the central banks of other countries) will come to its rescue. The principle invoked–if it can be called that–is that Wall Street’s institutions are too big to fail without causing a worldwide financial panic. This is an interesting form of extortion: “We’ll bring down the world economy unless you bail us out. Never mind that we paid ourselves huge bonuses using other people’s money while creating this mess.”

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Our Awful Situation

When socialists take Wall Street

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