Quote of the week on the bank bailouts

“What is more intrinsically corrupt than allowing people to engage in high-reward/no-risk capitalism — where they reap tens of millions of dollars and more every year while their reckless gambles are paying off only to then have the Government shift their losses to the citizenry at large once their schemes collapse? We’ve retroactively created a win-only system where the wealthiest corporations and their shareholders are free to gamble for as long as they win and then force others who have no upside to pay for their losses. Watching Wall St. erupt with an orgy of celebration on Friday after it became clear the Government (i.e., you) would pay for their disaster was literally nauseating, as the very people who wreaked this havoc are now being rewarded.” – Glenn Greenwald



Flickr photo of Wall Street Bull by Christopher Chan

One Comment

  1. Ian

    I agree with that sentiment, but I don’t know what else we can do. I mean, the truth is, even if the government didn’t bail these people out, they would still have tons of money they earned along the way. Odds are they would get another job and be fine. Its always the everyday citizen that suffers.