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Capitalism – The Big Lie

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funny-money From Bloomberg this morning comes the news that the US government will start directly investing in banks.  What essentially means is your Tax dollars will spent investing in a failed business which, even if they turnaround, you will not receive any benefit from.  This comes hot on the heels on the news that they will start lending directly to businesses, which essentially makes the banks superfluous anyway

John Crudele (NY Post) writes a piece that Mondays last minute stock rally was the result of planned government action.  Apparently the government has a policy to have the fed buy stock index funds to shore up the market when politically expedient as Mondays 800 point plunge right after the bailout bill surely would have been.

Of course there is also the AIG 85 billion dollar bailout, which is not enough for AIG to continue operations. Now they want an additional 37.8 billion to maintain operations at least for this week.  Since the government now has controlling interest in the company, isn’t it time to fire a few folks?

Which brings me to my point.  If we are going to have the government step in and take over a sector, shouldn’t we hold them accountable for the profitability of that sector?  Can we even consider ourselves capitalists anymore?