Well, it's been an interesting week...
George W Bush has announced that he's trying to get Congressional approval for a program to give banks money in exchange for bad debts -- in excess of US$ 500 billion. This is a guy who couldn't make a profit running a dockside whorehouse on naval payday, from past experience. Now he's asking -- no, he's requiring -- all Americans to pay $2000 to bank shareholders, to bail them out from past bad decisions. I'm not saying that liquidity in the market is a bad thing, not at all, but it grates that ordinary people are handing money over to bank shareholders. Especially as bank profits, both investment banks and the regular deposit-taking kind, have made bumper profits (from, you guessed it, ordinary people) the last few years.
This just sucks. The Republicans set up an environment where moral hazard is, well, business as usual, then blame the markets when it comes home to roost.
Heck of a way to run a country.
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