Bailing
I am not an economist. I certainly do not understand the ins and outs of the current financial crisis. The bottom line, though, seems to be this: the big shots on Wall Street with the outsize compensation and the opposition to government regulation now need the tax payers to bail them out.
I am willing to believe that, at this point, the only feasible option is the bail-out. However, intervention must come with regulation to prevent this problem from recurring. I think it’s unethical to have an economic system that privatizes the profits and socializes the risk. And it is hypocritical for so many supporters of such a system to belong to the party of “personal responsibility.”
Robert Reich makes the point much better than I can. If you agree, please contact your elected officials.