Dustbiters 1
I can understand why, after Lehman fell, the Bush Administration panicked and pretty much shovelled money onto the Acela to New York.
I don’t like the no-strings attached way they did it, but I don’t think it was done out of malevolence (unlike, say, the whole concentration camp thing). I think it was done because they were in unthinking “OMG We Have To Do Something” mode, and, combining that with the Republican belief that the wealthy are inherent virtuous, produced dumbness.
The principle, “Never attribute to conspiracy what can be explained by stupidity,” applies.
But the result has been to reward the outfits who had the most to do with turning financial markets into a world-wide bucket shop while penalizing the little guys, like these, who bank no more:
- United Commercial Bank, San Francisco, California
Gateway Bank of St. Louis, St. Louis, Missouri
Prosperan Bank, Oakdale, Minnesota
November 7, 2009 at 11:25 am
The Democrats are doing an excellent job assisting corporate America in its merging of state and corporate power. This week’s coup: shifting liability for medical care from the corporate tax base and individual consumers to the tax payer. And then we’ll mandate everyone buy an insurance policy, thus vastly increasing insurance companies subscriber base at the point of a gun. Useful idiots on the left are doing an excellent assist on this one. Like the Clinton Administration’s deregulation of banking and repeal of Depression-era protections, the Democratic Party can always be counted on the side of oligopoly. Bravo, suckers.