A View From Middle England - Conservative with a slight libertarian touch - For Christian charity and traditional belief - Free Enterprise NOT Covert Corporatism

Thursday, September 25, 2008

Paulson to bail out his mates!

On BBC News tonight it was suggested that this credit crunch cook-up is a way to keep the banks in place, make sure future investment could work for business, and above all raise confidence all round. That's one point of view. Another is that Secretary Paulson, a former CEO of Goldman Sachs, is just bailing out his mates who got the green-eyed monster syndrome.

This is a huge amount of money. Well, it's not real money, its computer money. It's going to be based on somebody, Paulson today, speaking for Uncle Sam's counting house and saying that every man woman and child in America, plus every tourist and casual visitor, is going to be paying in HIGHER TAXES for years to come.

When Hurricane Katrina struck the coast of Louisiana, George Bush just carried on with his own stuff. It took a second hurricane for him to get his act together somewhat. When the credit crunch first hit us about 14 months ago, Bush just said that "folks were hurting". It took a monumental collapse of well-known banking giants for him to blink at the sunshine!

Over the last year many have enriched themselves by duplicitous business dealings and a slyness that not even Lucifer could conjure up. Now we are caught between the devil and the deep blue sea. Do we bail out these buggers and hope for the best or let them rot with the stink eventually overwhelming us all.

This is not about free enterprise or the making of profit or the soundness of monetary policies. There were no policies, there was no control, it was greed, gambling, and gutlessnes that has led us here.

I heard it said tonight that this is not an Enron, it's many Enron's. However, it's not much point going after these guys. Just let's make it cast-iron guaranteed that they never get anywhere near a whiff of other people's money again.


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