Saturday, September 20, 2008

We are rewarding failure

Bloomberg informs us that:
The Treasury is stepping up as the buyer of last resort for mortgage-linked assets that few other financial institutions in the world want to buy.
This statement is absolute rubbish. The problem is that the banks do not want to sell at the current market prices. Some of those prices are, in fact, zero.

The correct response is to sell them out of bankruptcy. Instead, we give them a subsidy by having taxpayers' money buy the toxic waste. We are rewarding failure.

There is only one sensible response from the public: Unelect them all. Vote anti-incumbent this year.

No comments: