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Capitalists Need Socialistic Bailouts

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The Tampa Tribune

Published: July 20, 2008

Freddie Mac and Fannie Mae get the promise of government subsidy and protection to avoid the terrible pain of bankruptcy. Bear Stearns gets a government guaranteed bailout.

Private citizen-taxpayer Smith loses his job, his pension and his unemployment benefits as his friendly corporate employer declares bankruptcy, sells its assets, moves its base to another state where it can acquire appropriate tax incentives, and files reorganization plans.

Big banks, including Citi and Bank of America, get reassurances and nurturing from the government, including 2 percent unlimited overnight loans to help their credit card businesses increase their bottom line.

Citizen-taxpayer Smith loses his home in foreclosure.

Looks like capitalists need socialism to continue their lifestyle uninterrupted at taxpayer expense.

B. DEAN

Brandon

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